EIA: Country Analysis Brief: Angola - June 2019 - eng (pdf)

Angola is the second–largest oil producer in Africa, following Nigeria. Angola’s economy depends heavily on hydrocarbon production, making its economy vulnerable to crude oil price swings. According to the African Development Bank (AfDB), the crude oil and natural gas sector accounted for about 30% of the country’s gross domestic product (GDP), 95% of total exports, and about 52% of total fiscal revenue in 2017.[1] The latest International Monetary Fund (IMF) country consultant report also states that real GDP growth is projected to be 2.25% in 2018, compared with a preliminary estimate of –0.8% in 2016. The IMF attributes the rebound in GDP growth to higher oil prices, increasing liquefied natural gas (LNG) production, and improved business sentiment.