Angola

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Angola - In Short.

Overview of Angola

From the late 14th to the mid 19th century a Kingdom of Kongo stretched across central Africa from present-day northern Angola into the current Congo republics. It traded heavily with the Portuguese who, beginning in the 16th century, established coastal colonies and trading posts and introduced Christianity. By the 19th century, Portuguese settlement had spread to the interior; in 1914, Portugal abolished the last vestiges of the Kongo Kingdom and Angola became a Portuguese colony. Angola scores low on human development indexes despite using its large oil reserves to rebuild since the end of a 27-year civil war in 2002. Fighting between the Popular Movement for the Liberation of Angola (MPLA), led by Jose Eduardo DOS SANTOS, and the National Union for the Total Independence of Angola (UNITA), led by Jonas SAVIMBI, followed independence from Portugal in 1975. Peace seemed imminent in 1992 when Angola held national elections, but fighting picked up again in 1993. Up to 1.5 million lives may have been lost – and 4 million people displaced – during the more than a quarter century of fighting. SAVIMBI’s death in 2002 ended UNITA’s insurgency and cemented the MPLA’s hold on power. DOS SANTOS stepped down from the presidency in 2017, having led the country since 1979. He pushed through a new constitution in 2010. Joao LOURENCO was elected president in August 2017 and became president of the MPLA in September 2018.
Value
Country Full Name
Angola
Country Code
AGO
Region
Sub-Saharan Africa
Income Group
Lower middle income
Currency Unit
GDP
58375976293
Population
32866268
Land Area
1246700
Net National Income Per Capita
1089.695571
GDP per Capita (PPP)
6445.432873

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Angola - Economic

Economy of Angola

Angola’s economy is overwhelmingly driven by its oil sector. Oil production and its supporting activities contribute about 50% of GDP, more than 70% of government revenue, and more than 90% of the country’s exports; Angola is an OPEC member and subject to its direction regarding oil production levels. Diamonds contribute an additional 5% to exports. Subsistence agriculture provides the main livelihood for most of the people, but half of the country’s food is still imported.Increased oil production supported growth averaging more than 17% per year from 2004 to 2008. A postwar reconstruction boom and resettlement of displaced persons led to high rates of growth in construction and agriculture as well. Some of the country’s infrastructure is still damaged or undeveloped from the 27-year-long civil war (1975-2002). However, the government since 2005 has used billions of dollars in credit from China, Brazil, Portugal, Germany, Spain, and the EU to help rebuild Angola’s public infrastructure. Land mines left from the war still mar the countryside, and as a result, the national military, international partners, and private Angolan firms all continue to remove them.The global recession that started in 2008 stalled Angola’s economic growth and many construction projects stopped because Luanda accrued billions in arrears to foreign construction companies when government revenue fell. Lower prices for oil and diamonds also resulted in GDP falling 0.7% in 2016. Angola formally abandoned its currency peg in 2009 but reinstituted it in April 2016 and maintains an overvalued exchange rate. In late 2016, Angola lost the last of its correspondent relationships with foreign banks, further exacerbating hard currency problems. Since 2013 the central bank has consistently spent down reserves to defend the kwanza, gradually allowing a 40% depreciation since late 2014. Consumer inflation declined from 325% in 2000 to less than 9% in 2014, before rising again to above 30% from 2015-2017.Continued low oil prices, the depreciation of the kwanza, and slower than expected growth in non-oil GDP have reduced growth prospects, although several major international oil companies remain in Angola. Corruption, especially in the extractive sectors, is a major long-term challenge that poses an additional threat to the economy.

Unemployment Rate

Inflation Rate

Angola - GDP Composition

GDP Composiiton & Value Added of Angola

Last Updated: Jan, 2021, Updated For 2020.

Angola - GDP, Value Added

Demographics of Angola

most people live in the western half of the country; urban areas account for the highest concentrations of people, particularly the capital of Luanda as shown in this population distribution map
Geographic Location

Southern Africa, bordering the South Atlantic Ocean, between Namibia and Democratic Republic of the Congo

Races

Ovimbundu 37%, Kimbundu 25%, Bakongo 13%, mestico (mixed European and native African) 2%, European 1%, other 22%

Languages

Portuguese 71.2% (official), Umbundu 23%, Kikongo 8.2%, Kimbundu 7.8%, Chokwe 6.5%, Nhaneca 3.4%, Nganguela 3.1%, Fiote 2.4%, Kwanhama 2.3%, Muhumbi 2.1%, Luvale 1%, other 3.6%; note - data represent most widely spoken languages; shares sum to more than 100% because some respondents gave more than one answer on the census (2014 est.)

Religion

Roman Catholic 41.1%, Protestant 38.1%, other 8.6%, none 12.3% (2014 est.)

Dependency & Expectancy of Angola

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Angola - Social Media Briefing

Angola - Social Media & Social Commerce

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Politics & Policies of Angola

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AfDB, AU, CEMAC, CPLP, FAO, G-77, IAEA, IBRD, ICAO, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO (correspondent), ITSO, ITU, ITUC (NGOs), MIGA, NAM, OAS (observer), OPEC, SADC, UN, UNCTAD, UNESCO, UNIDO, Union Latina, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Angola

Export of Angola

Import Destination

Export Destination