Following a serious multi-year recession that shrunk its economy by 10%, Angola has strongly rebounded and is expected to achieve 2.9% growth in GDP in 2022 and 3.4% in 2024.
Since 2021, Angola’s oil output has also finally started rising again after years of falling hydrocarbon production, while international oil prices have surged as a result of the war in Ukraine. This has given a very strong boost to Angola’s economic performance and its financial position.
But there is a common consensus among government officials and corporate leaders in both the public and the private sector of the need to diversify the economy and reduced its overdependence on oil. Reforms to improve the business environment as well as active promotion of local and foreign investment in infrastructure, agriculture, energy and manufacturing are paving the way to placing Angola on the radar of international investors that are keen to explore Africa’s potential in general and Angola’s in particular.
Angola ranks as the USA’s third-largest trade and investment partner in sub-Saharan Africa after Nigeria and South Africa. Several American multinationals have solid businesses in Angola, particularly, but not only, in the oil sector. This strong connection with the USA has made Angola the obvious choice to head our series of reports on African economies, which will be published by USA Today.