Angola Economic Overview

Basic data
Capital Luanda
Population 31.13 million
Language Portuguese
Religion Christianity (80%), No Religion (17%), Traditional Animism (2%), Islam (1%)
State system presidential republic
Head of State João Manuel Gonçalves Lourenço
Head of government João Manuel Gonçalves Lourenço
Currency name Angolan Kwanza (AOA)
Travel
Time shift -1 hour (same time in winter)
Economy 2021
Nominal GDP (billion USD) 215.1
Economic growth (%) -1.6
Inflation (%) 25.8
Unemployment (%) ON

Angola is a politically stable country and the sixth largest economy in sub-Saharan Africa. Strategically located on the southwest coast of Africa, it is used as a corridor for the transportation of goods by the surrounding landlocked countries.

It is a presidential system and the executive power is headed by President João Manuel Gonçalves Lourenço (since 2017). Previous President José Eduardo dos Santos was one of the longest-serving presidents in the world (from 1979 to 2017). President Lourenço came up with a vision of a new Angola, with an effort to set up the proper functioning of the economy with an emphasis on economic diversification, industrialization, support for education and the fight against corruption and money laundering. From the beginning, its changes were visible, however, with the continued decline in the price of oil (the country’s main export commodity) and the onset of the COVID-19 pandemic, the country’s economic situation did not improve, and social unrest gradually began to increase due to the worsening living conditions of the population. The legal system is based on the February 2010 constitution.

According to allcountrylist, the Angolan economy was in recession for 6 years until 2021 due to the drop in the price of oil, on which its economy is significantly dependent, and the onset of the covid-19 pandemic. In 2022, the economy is expected to accelerate slightly, driven by a new diversification policy and a focus on supporting agriculture, food, construction, mining and manufacturing. Angola is struggling with high debt and high inflation, which have escalated with the onset of the covid-19 pandemic. In the next period from 2022 to 2026, economic growth is expected, also thanks to more favorable developments from the point of view of the oil industry and the start of production from new refineries. In the period between 2022-2023, economic growth should reach an average of 2.5% and subsequently between 2024 and 2026 up to around 4.5%.

The Angolan economy is significantly dependent on the production and export of oil, the price of which has been decreasing significantly in recent years. In addition to oil, the mining of diamonds and building decorative stones is also a significant source of income. In connection with efforts to diversify the economy, agriculture and the food industry, the beverage industry, the production of consumer goods, the construction industry, the steel industry and the production of plastic materials are being strengthened. The Angolan government significantly restricts the import of products that are already manufactured or assembled in Angola, e.g. food, beverages including mineral waters and beers, tractors, artificial and steel pipes, mattresses, etc.

Opportunities for Czech companies appear mainly in the form of comprehensive projects (so-called turnkey projects) across the entire economy with the provision of export financing to the Angolan side. For B2G projects (for state institutions), it is necessary to count on a minimum loan repayment period of 15 years, which is based on the new rules of the Angolan Ministry of Finance in connection with the country’s indebtedness. Angola is struggling with a shortage of foreign currency and Angolan banks have their own project prioritization system according to the Angolan government’s priorities.

Contacts

Subchapters:

  • Contacts to Czech embassies in the territory
  • Practical telephone numbers (emergency services, police, firefighters, information lines, etc.)
  • Important Internet links and contacts

Contacts at the embassies of the Czech Republic in the territory

The Embassy of the Czech Republic in Pretoria, South Africa is accredited for Angola.

Embassy of the Czech Republic in Pretoria
Physical address: 936 Pretorius Street, Arcadia, Pretoria
Postal address: POBox 13671, Hatfield 0028, Pretoria, South Africa
tel: 0027-12-431 2380
fax: 0027-12 -430 2033
e-mail: [email protected]
website: www.mzv.cz/pretoria
facebook: https://www.facebook.com/EmbassyOfTheCzechRepublicInPretoria
Ambassador: JUDr. Pavel Řezáč Economic
section: Ing. Kristýna Maina Chvátalová (focus on Angola, Madagascar, Mauritius and Mozambique), Mgr. David Vaverka
phone: 0027-12-431 2389, 0027-12-431-2385
e-mail: [email protected]; [email protected]
Accreditation countries: Republic of South Africa, Angola, Botswana, Lesotho, Madagascar, Mauritius, Namibia, Eswatini, Mozambique
ZÚ CR in Pretoria is located approx. 55 km from the international airport in Johannesburg (OR Tambo). GPS: S 25º44.708`; E 28º13, 566`

Honorary Consulate of the Czech Republic with jurisdiction throughout Angola
Honorary Consul: Manuel Martins da Cruz
email: [email protected]
phone: +244 926 387 878
​​address: Avenida Comandante Valódia 147, 3D, Distrito Urbano do Sambizanda Município de Luanda

Practical telephone numbers (emergency services, police, firemen, information lines, etc.)

police: 113
operational unit: +244 222 260472 / +244 222 337100 / +244 912 402982
criminal police: +244 222 261981
firefighters: 115
rescue service: 116

Hospitals and clinics in Luanda:
Clinica Sagrada Esperança, Avenida Murtala Mohammed 298, Ilha de Luanda, tel.: +244 923 167 950
Clinica Girasol, Avenida Comandante Gika 225, Alvalade, Luada, tel: +244 226 698 000
Clinica Multiperfil, Morro Bento, Samba, Luanda, phone: +244 226 434 415, emergency phone: +244 923 501 168, email: [email protected]
Luanda Medical Center, two branches in Luanda – first branch Rua Amilcar Cabral 3, Luanda, Second Branch Shopping Avenida, Talatona, Luanda, tel.:+244 923 167 730, +244 222 708 000, whatsapp:+244 923 167 730, email: [email protected]

Important web links and contacts

  • Governo de Angola – government portal, where there is also a list of ministries and ministers – https://governo.gov.ao/ao/
  • Angop, Angolan press agency, incl. English version – https://www.angop.ao/
  • Jornal de Angola, pro-government national newspaper – https://www.jornaldeangola.ao/ao/
  • Folha 8, an independent Angolan newspaper – https://jornalf8.net/,
  • AIPEX – Angolan Investment Promotion Agency – https://www.aipex.gov.ao/
  • Angolan Business Confederation – Confederacao Empresarial de Angola – an association of businessmen that brings together other industry associations and is an important link for the support of the business sector in Angola – http://www.cecplp.org/angola.html
  • African Development Bank, Angola page, contacts and program documents Secretariat page – https://www.afdb.org/en/countries/southern-africa/angola
  • Southern African Development Community with background information on Angola – https://www.sadc.int/member-states/angola/
  • Market Access Database – consultation on customs rates and obstacles to trade not only with Angola – https://trade.ec.europa.eu/access-to-markets/en/content
  • EU Delegation in Angola – development cooperation programs funded by European funds and other information – https://eeas.europa.eu/delegations/angola_en
  • WTO to Angola – overview of information on trade in goods, services and protection of intellectual property rights conducted by the organization – https://www.wto.org/english/thewto_e/countries_e/angola_e.htm
  • Doing Business 2020 for Angola – latest edition to overview the practices and measures in Angola for doing business – https://www.doingbusiness.org/content/dam/doingBusiness/country/a/angola/AGO.pdf

Angola Economic Overview

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