Angola has diamonds, oil, gold, copper, a rich wildlife (which was dramatically depleted during the civil war), forests, and fossil fuels. Since independence, oil and diamonds have been the most important economic resources.
Smallholder and
plantation agriculture dramatically dropped during the
Angolan Civil War, but began to recover after 2002. Angola's economy has in recent years moved on from the disarray caused by a quarter-century of
Angolan civil war to become the fastest-growing economy in Africa and one of the fastest-growing in the world, with an average
GDP growth of 20% between 2005 and 2007. In the period 2001–10, Angola had the world's highest
annual average GDP growth, at 11.1%. In 2004, the
Exim Bank of China approved a $2 billion
line of credit to Angola, to be used for rebuilding Angola's
infrastructure, and to limit the influence of the
International Monetary Fund there. China is Angola's biggest trade partner and
export destination as well as a significant source of
imports. Bilateral trade reached $27.67 billion in 2011, up 11.5% year-on-year. China's imports, mainly
crude oil and diamonds, increased 9.1% to $24.89 billion while China's exports to Angola, including mechanical and electrical products, machinery parts and construction materials, surged 38.8%. The oil
glut led to a local
price for unleaded gasoline of
£0.37 a gallon. As of 2021, the biggest import partners were the European Union, followed by China,
Togo, the United States, and Brazil. Angola's financial system is maintained by the
National Bank of Angola and managed by the governor
Jose de Lima Massano. According to a study on the banking sector, carried out by
Deloitte, the monetary policy led by
Banco Nacional de Angola (BNA), the Angolan national bank, allowed a decrease in the inflation rate put at 7.96% in December 2013, which contributed to the sector's growth trend. Estimates released by Angola's central bank, said the country's economy should grow at an annual average rate of 5 per cent over the next four years, boosted by the increasing participation of the private sector. Angola was ranked 133rd in the
Global Innovation Index in 2024, but stepped back to the 138th rank in 2025. Although the country's economy has grown significantly since Angola achieved political stability in 2002, mainly due to fast-rising earnings in the oil sector, Angola faces huge social and economic problems. These are in part a result of almost continual armed conflict from 1961 on, although the highest level of destruction and socio-economic damage took place after the 1975 independence, during the long years of
civil war. However, high
poverty rates and blatant
social inequality chiefly stems from persistent
authoritarianism, "neo-patrimonial" practices at all levels of the political, administrative, military and economic structures, and of
a pervasive corruption. The main beneficiaries are political, administrative, economic and military power holders, who have accumulated (and continue to accumulate) enormous wealth. "Secondary beneficiaries" are the middle strata that are about to become
social classes. However, almost half the population has to be considered poor, with dramatic differences between the countryside and the cities, where slightly more than 50% of the people reside. A study carried out in 2008 by the Angolan Instituto Nacional de Estatística found that in rural areas roughly 58% must be classified as "poor" according to UN norms but in the urban areas only 19%, and an overall rate of 37%. In cities, a majority of families, well beyond those officially classified as poor, must adopt a variety of survival strategies. In urban areas social inequality is most evident and it is extreme in Luanda. In the
Human Development Index Angola constantly ranks in the bottom group. has grown with the country's economy and stability. In January 2020, a leak of government documents known as the
Luanda Leaks showed that U.S. consulting companies such as
Boston Consulting Group,
McKinsey & Company, and
PricewaterhouseCoopers had helped members of the family of former President
José Eduardo dos Santos (especially his daughter
Isabel dos Santos) corruptly run Sonangol for their own personal profit, helping them use the company's revenues to fund vanity projects in France and Switzerland. After further revelations in the
Pandora Papers, former generals
Dias and
do Nascimento and former presidential advisers were also accused of misappropriating significant public funds for personal benefit. The enormous differences between the regions pose a serious structural problem for the Angolan economy, illustrated by the fact that about one third of economic activities are concentrated in Luanda and neighbouring Bengo province, while several areas of the interior suffer economic stagnation and even regression. One of the economic consequences of social and regional disparities is a sharp increase in Angolan private investments abroad. The small fringe of Angolan society where most of the asset accumulation takes place seeks to spread its assets, for reasons of security and profit. For the time being, the biggest share of these investments is concentrated in Portugal where the
Angolan presence (including the family of the state president) in banks as well as in the domains of energy,
telecommunications, and
mass media has become notable, as has the acquisition of vineyards and orchards as well as of tourism enterprises. Angola has upgraded critical infrastructure, an investment made possible by funds from the country's development of oil resources. According to a report, just slightly more than ten years after the end of the
civil war Angola's standard of living has overall greatly improved. Life expectancy, which was just 46 years in 2002, reached 51 in 2011. Mortality rates for children fell from 25 per cent in 2001 to 19 per cent in 2010 and the number of students enrolled in primary school has tripled since 2001. However, at the same time the social and economic inequality that has characterised the country for so long has not diminished, but has deepened in all respects. With a stock of assets corresponding to 70 billion Kz (US$6.8 billion), Angola is now the third-largest financial market in sub-Saharan Africa, surpassed only by
Nigeria and South Africa. According to the Angolan Minister of Economy,
Abraão Gourgel, the financial market of the country grew modestly since 2002 and now occupies third place in sub-Saharan Africa. On 19 December 2014, the Capital Market in Angola was launched.
BODIVA (Angola Stock Exchange and Derivatives, in English) was allocated the secondary public debt market, and was expected to launch the corporate debt market by 2015, though the stock market itself was only expected to commence trading in 2016.
Natural resources off the coast of central Angola
The Economist reported in 2008 that diamonds and oil make up 60% of Angola's economy, almost all of the country's
revenue and all of its dominant
exports. Growth is almost entirely driven by rising
oil production which surpassed in late 2005 and was expected to grow to by 2007. Control of the
oil industry is consolidated in
Sonangol Group, a conglomerate owned by the Angolan government. In December 2006, Angola was admitted as a member of
OPEC. In 2022, the country produced an average of 1.165 million barrels of oil per day, according to
Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG), the national oil, gas and biofuels agency. "China has extended three multi-billion dollar lines of credit to the Angolan government; two loans of $2 billion from China Exim Bank, one in 2004, the second in 2007, as well as one loan in 2005 of $2.9 billion from
China International Fund Ltd." Growing oil revenues also created opportunities for
corruption: according to a recent
Human Rights Watch report, US$32 billion disappeared from government accounts in 2007–2010. Furthermore,
Sonangol, the state-run oil company, controls 51% of Cabinda's oil. Due to this market control, the company ends up determining the profit received by the government and the taxes it pays. The council of foreign affairs states that the World Bank mentioned that Sonangol is a taxpayer, it carries out quasi-fiscal activities, it invests public funds, and, as concessionaire, it is a sector regulator. This multifarious work programme creates conflicts of interest and characterises a complex relationship between Sonangol and the government that weakens the formal budgetary process and creates uncertainty as regards the actual fiscal stance of the state." In 2002, Angola demanded compensation for
oil spills allegedly caused by
Chevron Corporation, the first time it had fined a multinational corporation operating in its waters. Operations in its
diamond mines include partnerships between state-run
Endiama and mining companies such as
ALROSA which operate in Angola. Access to
biocapacity in Angola is higher than world average. In 2016, Angola had 1.9 global hectares of biocapacity per person within its territory, slightly more than world average of 1.6 global hectares per person. In 2016, Angola used 1.01 global hectares of biocapacity per person – their
ecological footprint of consumption. This means they use about half as much biocapacity as Angola contains. As a result, Angola is running a biocapacity reserve. In addition, the World Bank estimates that "less than 3 per cent of Angola's abundant fertile land is cultivated and the economic potential of the forestry sector remains largely unexploited". Before independence in 1975,
Angola was a bread-basket of southern Africa and a major exporter of
bananas, coffee and
sisal, but
three decades of civil war destroyed fertile countryside, left it littered with
landmines and drove millions into the cities. The country now depends on expensive food imports, mainly from South Africa and
Portugal, while more than 90% of farming is done at the family and subsistence level. Thousands of Angolan small-scale farmers are trapped in poverty.
Transport , the country's state-owned
national carrier Transport in Angola consists of: • Three separate
railway systems totalling • of highway of which is paved • 1,295 navigable inland waterways • five major
sea ports • 243
airports, of which 32 are paved. Angola centres its port trade in five main ports:
Namibe,
Lobito,
Soyo,
Cabinda and Luanda. The
port of Luanda is the largest of the five, as well as being one of the busiest on the African continent. Bridge in
Benguela Two trans-African automobile routes pass through Angola: the
Tripoli-Cape Town Highway and the
Beira-Lobito Highway. Travel on highways outside of towns and cities in Angola (and in some cases within) is often not best advised for those without four-by-four vehicles. While reasonable road infrastructure has existed within Angola, time and war have taken their toll on the road surfaces, leaving many severely potholed, littered with broken asphalt. In many areas drivers have established alternative tracks to avoid the worst parts of the surface, although careful attention must be paid to the presence or absence of landmine warning markers by the side of the road. The
Angolan government has contracted the restoration of many of the country's roads. The road between Lubango and Namibe, for example, was completed recently with funding from the European Union, and is comparable to many European main routes. Completing the road infrastructure is likely to take some decades, but substantial efforts are already being made. The old airport in Luanda,
Quatro de Fevereiro Airport, will be replaced by the new
Dr. Antonio Agostinho Neto International Airport.
Telecommunications , an Angolan seaport 's construction boom is financed largely by oil and diamonds. The
telecommunications industry is considered one of the main strategic sectors in Angola. In October 2014, the building of an
optic fibre underwater cable was announced. This project aims to turn Angola into a continental hub, thus improving Internet connections both nationally and internationally. On 11 March 2015, the First Angolan Forum of Telecommunications and Information Technology was held in
Luanda under the motto "The challenges of telecommunications in the current context of Angola", to promote debate on topical issues on
telecommunications in Angola and worldwide. A study of this sector, presented at the forum, said Angola had the first telecommunications operator in Africa to test with speeds up to and mobile penetration of about 75%. There are about 3.5 million
smartphones in the Angolan market, and about of optical fibre installed in the country. The first Angolan satellite,
AngoSat-1, was launched into orbit on 26 December 2017. It was launched from the
Baikonur space centre in Kazakhstan on board a
Zenit 3F rocket. The
satellite was built by Russia's
RSC Energia, a subsidiary of the state-run space industry player
Roscosmos. The satellite payload was supplied by
Airbus Defence & Space. Due to an on-board power failure during solar panel deployment, on 27 December, RSC Energia revealed that they lost communications contact with the satellite. Although, subsequent attempts to restore communications with the satellite were successful, the satellite eventually stopped sending data and RSC Energia confirmed that AngoSat-1 was inoperable. The launch of AngoSat-1 was aimed at ensuring telecommunications throughout the country. According to Aristides Safeca, Secretary of State for Telecommunications, the satellite was aimed at providing telecommunications services, TV, internet and
e-government and was expected to remain in operation "at best" for 18 years. A replacement satellite named
AngoSat-2 was pursued and was expected to be in service by 2020. As of February 2021, Ango-Sat-2 was about 60% ready. The officials reported the launch was expected in about 17 months, by July 2022. The launch of AngoSat-2 occurred on 12 October 2022.
Technology The management of the
top-level domain '
.ao' passed from
Portugal to Angola in 2015, following new legislation. A joint decree of Minister of Telecommunications and Information Technologies José Carvalho da Rocha and the minister of Science and Technology, Maria Cândida Pereira Teixeira, states that "under the massification" of that Angolan domain, "conditions are created for the transfer of the domain root '.ao' of Portugal to Angola". ==Demographics==