The kwanza’s rollercoaster: navigating currency storms, capital flows and revived inflation

Last update – January 2024
Business environment risk
Political risk
Commercial risk
Financing risk

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GDP USD106.7bn (World ranking 68, World Bank 2022)
Population 35.6mn (World ranking 43, World Bank 2022)
Form of state
Presidential republic
Head of government
João Lourenço (President)
Next elections
2027, presidential and legislative
  • Oil & gas, metals and agriculture continue to attract businesses despite a challenging environment and temporary currency restrictions.
  • Higher-than-average historical inflation has increased resilience and enhanced the central bank's ability to act on rates amid a positive trade balance.
  • Non-oil sector growth potential remains, with diamonds, agriculture and natural gas receiving investments from Europe.
  • Elevated exposure to oil prices and foreign investment caused another substantial currency depreciation in H1 2023.
  • Revival of high inflation due to fuel-subsidy reduction and currency devaluation weighs on growth potential and living standards.
  • Persistent income inequality and low educational attainment hinder productivity and expertise.

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  Exports Rank Imports  
China 60.7% 1 19.4% China
India 9.6% 2 11.2% Portugal
Spain 3.3% 3 7.2% Togo
United States 3.0% 4 4.8% India
Portugal 2.9% 5 4.6% Italy

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Exports Rank Imports
Petroleum, petroleum products and related materials 83.4% 1 15.8% Petroleum, petroleum products and related materials
Gas, natural and manufactured 11.8% 2 6.4% Road vehicles
Crude fertilizers other than division 56, and crude minerals 3.9% 3
6.3% Cereals and cereal preparations
Luca Moneta
Allianz Trade