Angola’s Economy Grows 4.4% in 2024: Strongest Expansion in a Decade Fueled by Oil and Diamonds
Angola’s economy grew by 4.4% in 2024, marking its strongest annual expansion since 2014, according to the World Bank’s latest Angola Economic Update.
This robust growth was primarily driven by a recovery in the oil sector, increased diamond production, and strong performance in the commerce and fishing industries.
Despite this positive momentum, economic growth is projected to moderate between 2025 and 2027, with real GDP expected to average 2.9% annually.
The slowdown reflects the country’s continued dependence on oil, underlining the urgent need for diversification through alternative growth drivers, such as natural gas and other key sectors.
“There is optimism that the comprehensive economic reforms currently being implemented by the government will yield positive results and help unlock Angola’s full potential,” said Juan Carlos Alvarez, World Bank Country Manager for Angola.
“To achieve sustainable development, the country must deepen its support for strategic sectors that can contribute meaningfully to economic diversification.”
