Angola - Country Information
Angola has enjoyed sustained stability since 2002, when its 27-year-long civil war ended. It has one of the world’s fastest growing economies with annual average GDP growth of 10.3% from 2004 to 2014.
Though weak global oil prices have caused growth to slow since mid-2014, the government has made economic diversification a key priority with the aim of shifting the economy away from its reliance on oil and diamond exports. The country’s recent growth came mostly from non-oil sectors such as agriculture, fisheries, manufacturing, and publicly-funded infrastructure development and construction.
Young and educated workforce
Angola’s population is one of the youngest and fastest growing in the world. Education levels are rising, with an increasing number of university graduates keen for job opportunities. The government is also heavily promoting the use of the English language.
Investors can tap growing consumer demand from technology-savvy Angolans. Of the country’s 29 million people, half are under the age of 20 and most live in cities.
This youthful population is developing into an increasingly competent workforce. Government policy dictates that 70% of foreign firms’ employees should be Angolan, thus building a skilled local workforce through knowledge transfer.
A wealth of natural resources
Oil makes up 90% of Angola’s exports, with over 1.7 million barrels produced each day, and the oil sector has been the main destination for most FDI inflow. With estimated reserves of over 9.5 billion barrels, Angola is well placed to continue meeting world demand.
Angola also has a wealth of other natural resources, including diamonds, iron ore, manganese and copper deposits. The country’s extensive diamond reserves (in the centre and northeast) are its second most important source of export revenue1.
Venture to Angola
With a GDP of US$186 billion in 20162, Angola is Sub-Saharan Africa’s third largest economy after Nigeria and South Africa. The country’s impressive growth in the 2000s has been attributed to its expanded oil and gas sector, massive government expenditure in post-war infrastructure and increased private consumption.
Angola’s growth is underpinned by a positive macroeconomic policy environment and political stability, guaranteed by a one-party dominant system. Government expenditure and rising consumer demand will continue to drive diversification and growth of non-oil industries.
1 and 2: CIA World Factbook