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Economy of Angola vs Zambia compared: GDP & Debt

Updated on by Georank team

Angola has a GDP of $101B compared to $25.3B for Zambia, ranking 71/197 and 116/197 by economy size, respectively.

Angola has $60.5B in government debt (59.9% of GDP), compared to $29.1B (114.9% of GDP) in Zambia.

Angola vs Zambia GDP by year

Angola
Zambia
1x
Year GDP, current $
Angola Zambia
2024 $100,998,916,781 $25,303,185,342
2023 $107,167,747,140 $27,577,956,471
2022 $131,212,208,930 $29,163,782,140
2021 $79,559,543,805 $22,096,416,932
2020 $58,852,456,454 $18,137,764,931
2019 $80,734,428,593 $23,308,667,781
2018 $89,512,794,227 $26,311,507,274
2017 $84,376,935,689 $25,873,601,261
2016 $59,878,249,719 $20,958,412,538
2015 $102,543,067,841 $21,251,216,799
2014 $153,449,860,496 $27,141,023,558
2013 $148,845,200,697 $28,037,239,463
2012 $143,572,907,528 $25,503,060,420
2011 $125,551,634,704 $23,459,515,276
2010 $95,546,919,755 $20,265,559,484
2009 $81,705,175,408 $15,328,342,304
2008 $98,790,432,989 $17,910,858,638
2007 $73,037,821,927 $14,056,957,976
2006 $58,653,659,980 $12,756,858,899
2005 $41,396,636,383 $8,331,870,169
2004 $26,997,977,897 $6,221,110,219
2003 $20,342,128,112 $4,901,869,764
2002 $17,311,512,432 $4,193,850,445
2001 $8,936,079,118 $4,094,441,301
2000 $9,129,594,970 $3,600,632,111
1999 $6,152,923,310 $3,404,284,891
1998 $6,506,221,616 $3,537,741,942
1997 $7,648,380,196 $4,303,288,480
1996 $7,526,421,519 $3,597,220,962
1995 $5,538,749,260 $3,806,983,413
1994 $4,438,321,017 $3,656,806,166
1993 $5,768,720,422 $3,273,505,344
1992 $8,307,810,974 $3,182,810,841
1991 $10,603,784,541 $3,376,806,697
1990 $11,229,515,599 $3,288,381,797
1989 $10,201,780,977 $3,994,673,161
1988 $8,769,836,769 $3,728,878,149
1987 $8,084,412,414 $2,265,250,972
1986 $7,072,536,109 $1,664,413,508
1985 $7,554,065,410 $2,252,454,500
1984 $6,131,475,065 $2,719,518,933
1983 $5,784,341,596 $3,321,048,451
1982 $5,550,483,036 $3,871,117,093
1981 $5,550,483,036 $4,008,126,497
1980 $5,930,503,401 $3,884,530,854
1979 - $3,353,445,378
1978 - $2,811,032,473
1977 - $2,515,296,940
1976 - $2,742,859,263
1975 - $2,442,672,141
1974 - $2,910,981,262
1973 - $2,434,255,237
1972 - $1,872,416,680
1971 - $1,653,259,341
1970 - $1,788,779,285
1969 - $1,926,399,230
1968 - $1,573,739,371
1967 - $1,340,639,464
1966 - $1,238,999,505
1965 - $1,061,199,576
1964 - $822,639,671
1963 - $704,339,719
1962 - $679,279,729
1961 - $682,359,727
1960 - $698,739,721

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/angola/zambia | CC BY

GDP per capita in Angola vs Zambia by year

Angola
GDP per capita

GDP per capita, PPP
Zambia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Angola Zambia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $2,666 $10,119 $1,187 $4,215
2023 $2,916 $9,754 $1,331 $4,077
2022 $3,682 $9,588 $1,447 $3,841
2021 $2,304 $8,862 $1,127 $3,503
2020 $1,759 $7,827 $952 $3,157
2019 $2,494 $8,573 $1,259 $3,361
2018 $2,860 $8,278 $1,464 $3,442
2017 $2,791 $8,007 $1,483 $3,392
2016 $2,052 $7,767 $1,239 $3,313
2015 $3,642 $8,067 $1,296 $3,337
2014 $5,650 $9,018 $1,707 $3,441
2013 $5,689 $8,504 $1,821 $3,477
2012 $5,702 $8,246 $1,710 $3,324
2011 $5,184 $7,538 $1,625 $3,228
2010 $4,102 $7,412 $1,451 $3,098
2009 $3,645 $7,228 $1,136 $2,872
2008 $4,578 $7,316 $1,376 $2,708
2007 $3,515 $6,728 $1,119 $2,555
2006 $2,930 $6,018 $1,052 $2,378
2005 $2,146 $5,416 $711 $2,213
2004 $1,451 $4,771 $549 $2,068
2003 $1,134 $4,322 $446 $1,942
2002 $999 $4,241 $394 $1,837
2001 $534 $3,802 $397 $1,785
2000 $564 $3,690 $359 $1,709
1999 $393 $3,619 $350 $1,654
1998 $429 $3,609 $373 $1,601
1997 $522 $3,525 $466 $1,631
1996 $531 $3,342 $400 $1,585
1995 $404 $2,990 $433 $1,501
1994 $335 $2,633 $426 $1,464
1993 $450 $2,628 $391 $1,607
1992 $669 $3,486 $389 $1,505
1991 $882 $3,740 $423 $1,534
1990 $966 $3,705 $422 $1,522
1989 $908 - $526 -
1988 $807 - $504 -
1987 $770 - $315 -
1986 $698 - $238.2 -
1985 $772 - $332 -
1984 $650 - $413 -
1983 $637 - $520 -
1982 $634 - $627 -
1981 $658 - $670 -
1980 $729 - $669 -
1979 - - $595 -
1978 - - $514 -
1977 - - $474 -
1976 - - $533 -
1975 - - $490 -
1974 - - $601 -
1973 - - $518 -
1972 - - $410 -
1971 - - $372 -
1970 - - $414 -
1969 - - $459 -
1968 - - $387 -
1967 - - $341 -
1966 - - $325 -
1965 - - $287.4 -
1964 - - $230 -
1963 - - $203.2 -
1962 - - $202.3 -
1961 - - $209.7 -
1960 - - $221.6 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/angola/zambia | CC BY

Angola's GDP per capita is $2,666, ranking 144/197, compared to $1,187 in Zambia, ranking 169/197. Adjusted for purchasing power (GDP per capita PPP), Angola ranks 133rd at $10,119, while Zambia ranks 166th at $4,215.

Economic indicators

Angola Zambia
Gross domestic product
$101B
2024
$25.3B
2024
GDP rank
71/197
2024
116/197
2024
GDP growth
4.42%
2023-2024
3.82%
2023-2024
GDP per capita
$2,666
2024
$1,187
2024
GDP per capita rank
144/197
2024
169/197
2024
GDP per capita, PPP
$10,119
2024
$4,215
2024
GDP per capita PPP rank
133/197
2024
166/197
2024
Government debt
$60.5B
2024
$29.1B
2024
Debt-to-GDP ratio
59.9%
2024
114.9%
2024
Government debt per person
$1,597
2024
$1,365
2024
Government debt per person rank
127/185
2024
134/185
2024
Average annual personal income after taxes
$28,080
2026
$1,349
2026
Market capitalization of domestic companies n/a
$7.77B
2024
Income share by richest 10%
39.6%
2018
39.1%
2022
Income share by poorest 10%
1.3%
2018
1.5%
2022
Government expenditure, % of GDP
18.4%
2024
25.5%
2024
Consumer prices inflation
28.2%
2023-2024
15%
2023-2024
Central bank interest rate
18%
2023
14.3%
2025
Unemployment rate
14.1%
2022
5.86%
2023
Population
40555924
22697916

Spending and national debt comparison by year

Angola
Spending

Debt
Zambia
Spending

Debt
1x
Year % of GDP
Angola Zambia
Government spending Government debt Government spending Government debt
2024 18.4% 59.9% 25.5% 114.9%
2023 18.8% 72.4% 27.4% 129.1%
2022 19.5% 56.1% 28.2% 99.5%
2021 17.3% 74.3% 30.5% 111%
2020 20% 119.1% 34% 140%
2019 18.2% 101.4% 29.8% 103.3%
2018 18.3% 82.5% 27.7% 81.2%
2017 21% 60.5% 25% 66.6%
2016 19.4% 66.7% 23.9% 61.2%
2015 23.9% 50.4% 27.6% 61.9%
2014 32.3% 35.3% 24.3% 33.9%
2013 32.9% 29.5% 24% 25.9%
2012 33.2% 23.8% 21.9% 24.9%
2011 33.3% 26.3% 19.5% 20.8%
2010 34.6% 32.6% 18.1% 18.9%
2009 38.7% 48.4% 17.8% 20.5%
2008 47.2% 28.1% 19.5% 19.2%
2007 34.1% 18.8% 19.9% 21.9%
2006 27.3% 16.7% 19.7% 25%
2005 23.7% 29.9% 22.5% 75.7%
2004 26% 41.6% 23.3% 129.9%
2003 30.1% 50.8% 27.3% 159.5%
2002 27.6% 65.1% 27.6% 180.2%
2001 30.3% 100.2% 28% 210.2%
2000 35.8% 118.2% 21.4% 261%
1999 39.4% 104.8% - -
1998 26.1% 96.3% - -
1997 26.8% 73.5% - -
1996 25.2% 92% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1996–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1996–1999, retrieved 2026-02-20).

GeoRank.org/economy/angola/zambia | CC BY

In 2024, Angola's government spending was $18.6B, accounting for 18.4% of its GDP, while Zambia spent $6.45B, or 25.5% of GDP.

Debt-to-GDP ratio is 59.9% in Angola and 114.9% in Zambia, ranking 78/185 and 13/185, respectively.

Government deficit by year

Deficit/surplus
Angola

Zambia
1x
Year Deficit/surplus, % of GDP
Angola Zambia
2024 -1.01% -3.32%
2023 -1.83% -5.48%
2022 0.58% -7.82%
2021 3.4% -8.13%
2020 -1.66% -13.8%
2019 0.69% -9.41%
2018 2.03% -8.31%
2017 -5.75% -7.5%
2016 -3.98% -5.69%
2015 -2.57% -8.88%
2014 -5.07% -5.43%
2013 -0.27% -6.4%
2012 3.68% -3.16%
2011 7.2% -1.78%
2010 2.98% -2.43%
2009 -6.8% -2.06%
2008 -3.8% -0.67%
2007 3.85% -1.04%
2006 8.42% 16.9%
2005 6.4% -2.37%
2004 1.03% -2.51%
2003 -4.1% -5.31%
2002 -2.24% -4.5%
2001 2.8% -5.89%
2000 2.02% 1.16%
1999 -8.1% -
1998 -5.1% -
1997 -0.23% -
1996 4.49% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1996–2024, retrieved 2026-02-20).

GeoRank.org/economy/angola/zambia | CC BY

In 2024, Angola's government deficit, the difference between spending and revenue, was $1.02B, equivalent to 1.01% of GDP. This compares to Zambia's deficit of $840M, or 3.32% of GDP.

Over the past 25 years, Angola recorded a fiscal deficit in 12 of those years, while Zambia ran a deficit in 23 years. On average, Angola posted an annual surplus equal to 0.24% of GDP, compared to deficit of 4.15% of GDP for Zambia.

Inflation comparison by year

Inflation
Angola

Zambia
1x
Year Consumer prices inflation
Angola Zambia
2024 28.2% 15%
2023 13.6% 10.9%
2022 21.4% 11%
2021 25.8% 22%
2020 22.3% 15.7%
2019 17.1% 9.2%
2018 19.6% 7.5%
2017 29.8% 6.6%
2016 30.7% 17.9%
2015 9.2% 10.1%
2014 7.3% 7.8%
2013 8.8% 7%
2012 10.3% 6.6%
2011 13.5% 8.7%
2010 14.5% 8.5%
2009 13.7% 13.4%
2008 12.5% 12.4%
2007 12.2% 10.7%
2006 13.3% 9%
2005 23% 18.3%
2004 43.5% 18%
2003 98.2% 21.4%
2002 108.9% 22.2%
2001 152.6% 21.4%
2000 325% 24.1%
1999 248.2% 23.9%
1998 107.4% 22.7%
1997 221.5% 21.4%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

GeoRank.org/economy/angola/zambia | CC BY

Over the past 28 years, Angola has recorded an average annual inflation rate of 59%, compared with 14.4% in Zambia. In 2024, inflation was 28.2% in Angola and 15% in Zambia.

Top exports between countries

Angola
Export category Export value
Machinery & equipment $3.1M
Processed food, beverages & tobacco $402K
Textiles & consumer goods $37K
Metals $34K
Raw agricultural goods $28K
Wood & paper products $25K
Chemicals & pharma $12K
Animal & marine products $7K
Raw materials & minerals $4K
Precious metals & jewellery $1K
Zambia
Export category Export value
Weapons & explosives $8.28M
Raw agricultural goods $6.15M
Machinery & equipment $554K
Processed food, beverages & tobacco $295K
Textiles & consumer goods $223K
Chemicals & pharma $167K
Animal & marine products $164K
Raw materials & minerals $150K
Metals $110K
Wood & paper products $37K

Balance of trade

Angola Zambia
Current account balance
$6.31B
2024
-$487M
2024
Current account balance ranking
30/190
2024
106/190
2024
Current account balance, % of GDP
+6.25%
2024
-1.93%
2024
Goods imports
$14.2B
2024
$10.1B
2024
Goods exports
$36.8B
2024
$11.4B
2024
Service imports
$8.49B
2024
$1.94B
2024
Service exports
$129M
2024
$1.38B
2024
Imports of goods and services, % of GDP
19.4%
2024
27.6%
2024
Exports of goods and services, % of GDP
31.5%
2024
35%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Angola Zambia
Economic freedom 54.4 51.9
Economic freedom ranking 133/197 152/197
Property rights 36.9 43.9
Government integrity 28.3 39.3
Judicial effectiveness 26.3 45
Tax burden 86.9 74.3
Government spending 89.3 78.1
Fiscal health 91.9 30.9
Business freedom 42.8 53.4
Labor freedom 50.8 48.8
Monetary freedom 59 66.6
Trade freedom 70.4 62.8
Investment freedom 30 40
Financial freedom 40 40

Economic freedom comparison by year

Angola
Zambia
1x
Year Economic freedom index
Angola Zambia
2026 54.4 51.9
2025 55 50.9
2024 54.3 48.4
2023 53 47.8
2022 52.6 48.7
2021 54.2 50.4
2020 52.2 53.5
2019 50.6 53.6
2018 48.6 54.3
2017 48.5 55.8
2016 48.9 58.8
2015 47.9 58.7
2014 47.7 60.4
2013 47.3 58.7
2012 46.7 58.3
2011 46.2 59.7
2010 48.4 58
2009 47 56.6
2008 46.9 56.2
2007 44.7 56.2
2006 43.5 56.8
2005 - 55
2004 - 54.9
2003 - 55.3
2002 - 59.6
2001 - 59.5
2000 24.3 62.8
1999 23.7 64.2
1998 24.9 62.7
1997 24.2 62.1
1996 24.4 59.6
1995 27.4 55.1

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/angola/zambia | CC BY

The Economic Freedom Index for Angola is 54.4, ranking 133/197, compared to 51.9 for Zambia, ranking 152/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Angola Zambia
Services, % of GDP
41.1%
2024
57.2%
2024
Industry, % of GDP
34.6%
2024
35.2%
2024
Agriculture, forestry, and fishing, % of GDP
22.1%
2024
2.83%
2024
GNI, Atlas method
$108B
2024
$25.9B
2024
GNI per capita, PPP
$9,460
2024
$3,850
2024
Total reserves including gold
$14.2B
2024
$4.09B
2024
Total reserves ranking
69/177
2024
106/177
2024
Net foreign direct investment
$1.14B
2024
-$1.32B
2024
Net inflows of foreign direct investment
-$1.11B
2024
$2.36B
2024
Net outflows of foreign direct investment
$33.1M
2024
$311M
2024
Servicing debt to the IMF, % of GNI
11.5%
2024
16.9%
2024
Poverty at national poverty lines
36.6%
2020
60%
2022
Gross capital formation, % of GDP
10.4%
2024
23.8%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/angola/zambia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1996–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2020–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1996–1999, retrieved 2026-02-20)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)
  9. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.