The Angolan economy grew by 4.4% in 2024, driven by growth in the non-oil sector (5%), during which revenues totaled 25.31 trillion kwanzas ($23.5 billion), the Government announced on Monday. The data are contained in the General State Account (CGE) for the 2024 fiscal year, reviewed at an extraordinary session of the Council of Ministers chaired by Angolan President João Lourenço.
In a press release issued at the end of the meeting, the Government stated that the figures indicate a strengthening of the real growth of the national economy in 2024, “after a more modest performance in 2023, as the national economy recorded a growth rate of 4.4%, driven by a combination of 5.07% growth in the non-oil sector and a recovery of 2.84% in the oil sector.”
Regarding budget execution, in 2024 revenues totaled approximately 25.31 trillion kwanzas ($23.5 billion).
At the end of 2024, the inflation rate stood at 27.05%, the exchange rate remained stable at around 800 kwanzas per dollar for several months, and the unemployment rate fell to 30.4%, “as a result of the impact of economic activity, with around one million jobs created.”
The 2024 CGE, which now goes to the National Assembly (parliament), also presents debt issuance operations—both domestic and external—as well as debt service and public debt stock during the period, reflected in the Annual Borrowing Plan balance.
The document also details the net asset value of state-owned assets, showing acquisitions, amortizations, and disposals carried out during the period, and outlines the State’s budgetary, financial, and patrimonial position, reflected in the respective balance sheets and in the statement of changes in equity.
The Angolan authorities also stressed that, regarding the public business sector, in 2024 the State’s portfolio of companies and holdings in the country included a total of 87 companies (57 public enterprises, 24 publicly controlled companies, and six minority holdings). For aggregate asset purposes, only public enterprises and fully operational publicly controlled companies were considered, out of the 779 companies subject to accountability.
The 2024 General State Budget set estimated expenditures and revenues at 24.7 trillion kwanzas ($22.9 billion).
Source: Lusa
