BNA - Banco Nacional de Angola

Angola represents one of the most compelling investment opportunities on the continent and 2015 is the year to find out why. Angola is one of the world’s most promising frontier markets. It has an exceptional resource endowment and unparalleled investment opportunities.

The government is growing increasingly global in its outlook and is actively encouraging foreign investors to share the country’s wealth. Private-sector investment in infrastructural and other non-mineral projects is vital for the country to diversify its economy and tackle the development challenges that lie ahead.

Political stability and economic growth have reduced the risks of an investment in Angola.  The government is committed to liberalizing markets. Various incentives are already in place to attract interest from a broad spectrum of industry sectors.  Further steps may be taken to streamline bureaucracy, simplifying the foreign investment process.

Those who have committed thus far are already achieving handsome dividends. Now is the time to invest in Africa. The continent has not escaped the global financial crisis, but recent strong growth demonstrates the success of financial reforms and the emergence of a new and exciting financial arena. Now is the time to invest in Angola.

Strong growth, stable inflation, financial security and rapid improvements in infrastructure distinguish Angola as one of the most vibrant economies on the continent. Investors are encouraged to forge partnerships with the country and to play a role in supporting the economic potential of Angolan business and Angolan nationals.  The country was embroiled in conflict for a generation.

This next generation will thrive from the alliance of global partners.  Such partnerships will foster and secure a prosperous future for Angolans and investors alike.

Macroeconomic Indicators20122013(e)2014 (p)2015(p)
Real GDP growth5.
Real GDP per capita growth2.124.95.8
CPI inflation10.
Budget balance % GDP8.72.4-5-6.9
Current account balance % GDP9.95.74.34
Source: Data from domestic authorities; estimates (e) and projections (p) based on authors’ calculations.


GDP by sector (percentage)20082012
Agriculture, hunting, forestry, fishing6.810.2
of which fishing
of which oil57.946
Electricity, gas and water
Wholesale and retail trade, hotels and restaurants14.216
of which hotels and restaurants
Transport, storage and communication 3.74.3
Finance, real estate and business services
Public administration, education, health and Finance, real estate and business services 6.18.1
Other services
Gross domestic product at basic prices / factor cost100100
Source: Data from domestic authorities


Public Finances (percentage of GDP)201020112012201320142015
Total revenue and grants43.548.845.842.538.436.2
Tax revenue6.
Oil revenue3640.238.53530.828.5
Total expenditure and net lending (a)34.938.637.140.143.443.1
Current expenditure29.529.925.82830.530.3
Excluding interest27.32924.926.529.629.6
Wages and salaries1098.
Capital expenditure5.58.611.212.11312.8
Primary balance11.411.29.73.9-4.2-6.2
Overall balance9.
a. Only major items are reported
Source: Data from domestic authorities; estimates (e) and projections (p) based on authors’ calculations


Current account (percentage of GDP)201020112012201320142015
Trade balance40.145.244.439.132.830.2
Exports of goods (f.o.b.)60.464.66357.651.247.5
Imports of goods (f.o.b.)20.219.418.618.518.417.3
Factor income-9.8-9.3-10.9-8.9-7.7-7.8
Current transfers-0.5-1.3-1.3-1.8-0.3-0.3
Current account balance8.
Source: Data from the Central Bank and domestic authorities; estimates (e) and projections (p) based on authors’ calculations


Real GDP growth2010201120122013(e)2014(p)2015(p)
Real GDP growth (%)
Southern Africa (%)
Africa (%)
Source: AfDB, Statistics Department AEO. Estimates (e); projections (p)


Stock of total external debt and debt service201020112012201320142015
Outstanding debt (public and private) /GDP21.719.619.321.122.923.7
Debt service/Exports6.
Stock of total external debt (percentage of GDP) and debt service (percentage of exports of goods and services)
Source: IMF (WEO & Article IV)


Regional Economic Outlook  – Sub-Saharan Africa APR2015

African Economic Outlook 2014 – © OECD 2014

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