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Economy of Angola vs Zimbabwe compared: GDP & Debt

Updated on by Georank team

Angola has a GDP of $101B compared to $41.5B for Zimbabwe, ranking 71/197 and 102/197 by economy size, respectively.

Angola has $63.1B in government debt (63.9% of GDP), compared to $39.3B (56.1% of GDP) in Zimbabwe.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Angola
GDP, current $

GDP, constant 2015 $
Zimbabwe
GDP, current $

GDP, constant 2015 $
Year GDP
Angola Zimbabwe
Current $ Constant $ Current $ Constant $
1960 - - $1,053,528,036 $4,352,412,133
1961 - - $1,097,206,526 $4,627,317,329
1962 - - $1,118,172,226 $4,693,694,849
1963 - - $1,160,103,724 $4,986,785,325
1964 - - $1,217,759,447 $4,931,622,909
1965 - - $1,312,105,394 $5,173,793,733
1966 - - $1,282,403,936 $5,252,597,339
1967 - - $1,397,715,282 $5,692,082,627
1968 - - $1,480,355,355 $5,804,224,338
1969 - - $1,748,891,294 $6,525,587,027
1970 - - $1,885,168,339 $7,998,095,583
1971 - - $2,179,828,710 $8,711,332,686
1972 - - $2,679,096,597 $9,436,967,074
1973 - - $3,311,043,292 $9,682,773,143
1974 - - $3,984,194,614 $10,324,271,738
1975 - - $4,373,532,601 $10,124,887,003
1976 - - $4,320,576,877 $10,171,951,417
1977 - - $4,366,610,469 $9,474,084,021
1978 - - $4,353,822,343 $9,217,627,910
1979 - - $5,180,102,910 $9,521,536,366
1980 $5,930,503,401 $25,920,531,977 $6,682,278,300 $10,894,607,028
1981 $5,550,483,036 $24,780,028,254 $8,015,464,252 $12,259,202,844
1982 $5,550,483,036 $24,780,028,254 $8,544,060,905 $12,582,146,675
1983 $5,784,341,596 $25,820,789,795 $7,768,031,182 $12,781,612,134
1984 $6,131,475,065 $27,370,037,742 $6,355,369,172 $12,537,820,762
1985 $7,554,065,410 $28,327,988,923 $5,640,137,575 $13,408,495,654
1986 $7,072,536,109 $29,149,501,095 $6,220,698,247 $13,689,943,883
1987 $8,084,412,414 $30,339,601,954 $6,744,657,033 $13,847,479,160
1988 $8,769,836,769 $32,199,082,929 $7,818,774,177 $14,893,292,646
1989 $10,201,780,977 $32,212,484,658 $8,290,553,535 $15,667,709,080
1990 $11,229,515,599 $31,101,122,148 $8,788,301,546 $16,762,655,222
1991 $10,603,784,541 $31,409,446,016 $8,646,000,000 $17,689,930,170
1992 $8,307,810,974 $29,575,674,380 $6,755,000,000 $16,095,082,949
1993 $5,768,720,422 $22,482,416,932 $6,567,250,000 $16,264,301,855
1994 $4,438,321,017 $22,783,538,205 $6,894,250,000 $17,766,348,463
1995 $5,538,749,260 $26,201,068,942 $7,115,000,000 $17,794,425,481
1996 $7,526,421,519 $29,749,838,599 $8,557,500,000 $19,638,059,366
1997 $7,648,380,196 $31,913,924,371 $8,534,000,000 $20,164,466,644
1998 $6,506,221,616 $33,411,053,302 $6,405,250,000 $20,746,271,025
1999 $6,152,923,310 $34,139,911,994 $6,861,500,000 $20,576,588,256
2000 $9,129,594,970 $35,182,758,020 $6,693,250,000 $19,947,126,181
2001 $8,936,079,118 $36,662,544,314 $6,780,750,000 $20,234,268,509
2002 $17,311,512,432 $41,672,733,512 $6,345,250,000 $18,434,630,066
2003 $20,342,128,112 $43,125,991,915 $5,730,500,000 $15,301,651,167
2004 $26,997,977,897 $48,050,921,278 $5,808,500,000 $14,413,001,709
2005 $41,396,636,383 $54,852,422,288 $5,758,250,000 $13,589,857,106
2006 $58,653,659,980 $61,347,946,236 $5,446,750,000 $13,119,457,398
2007 $73,037,821,927 $69,324,828,859 $5,294,750,000 $12,640,170,700
2008 $98,790,432,989 $76,802,645,841 $4,418,000,000 $10,406,779,091
2009 $81,705,175,408 $78,335,311,068 $9,670,750,000 $11,787,972,496
2010 $95,546,919,755 $82,482,120,583 $12,047,750,000 $14,107,304,145
2011 $125,551,634,704 $85,446,420,442 $14,109,000,000 $16,109,683,000
2012 $143,572,907,528 $92,712,034,533 $17,123,500,000 $18,794,430,789
2013 $148,845,200,697 $97,239,220,009 $19,100,750,000 $19,168,343,272
2014 $153,449,860,496 $101,766,409,288 $19,505,500,000 $19,623,972,034
2015 $102,543,067,841 $102,543,067,841 $19,973,250,000 $19,973,250,000
2016 $59,878,249,719 $100,799,291,837 $20,559,250,000 $20,124,206,637
2017 $84,376,935,689 $100,648,701,500 $51,035,657,371 $21,076,969,325
2018 $89,512,794,227 $100,050,434,318 $34,141,666,667 $22,132,908,952
2019 $80,734,428,593 $99,845,650,843 $33,357,695,635 $20,731,353,612
2020 $58,852,456,454 $95,809,443,080 $31,980,334,561 $19,110,793,941
2021 $79,559,543,805 $97,824,078,558 $41,287,673,690 $20,729,099,177
2022 $131,212,208,930 $101,948,344,239 $40,757,561,709 $22,001,713,150
2023 $107,167,747,140 $103,236,265,970 $35,871,779,681 $23,178,995,952
2024 $100,998,916,781 $107,803,342,000 $41,539,411,516 $23,582,865,676

Economic indicators

Angola Zimbabwe
Gross domestic product
$101B
2024
$41.5B
2024
GDP rank
71/197
2024
102/197
2024
GDP growth
-5.76%
2023-2024
15.8%
2023-2024
GDP per capita
$2,666
2024
$2,497
2024
GDP per capita rank
144/197
2024
148/197
2024
GDP per capita, PPP
$10,119
2024
$5,928
2024
Government debt
$63.1B
2024
$39.3B
2024
Debt-to-GDP ratio
63.9%
2026
56.1%
2026
Government debt per person
$1,666
2024
$2,362
2024
Government debt per person rank
123/185
2024
115/185
2024
Average annual personal income after taxes
$33,074
2026
$2,797
2026
Market capitalization of domestic companies n/a
$2.46B
1999
Number of billionaires n/a
1
2025
Income share by richest 10%
39.6%
2018
40.5%
2019
Income share by poorest 10%
1.3%
2018
1.9%
2019
Government expenditure, % of GDP
18%
2026
18.3%
2026
Consumer prices inflation
16.3%
2025-2026
18.2%
2025-2026
Central bank interest rate
18%
2023
35%
2024
Unemployment rate
14.1%
2022
9.29%
2023
Population
40228288
17277165

GDP per capita in Angola vs Zimbabwe

Angola's GDP per capita is $2,666, ranking 144/197, compared to $2,497 in Zimbabwe, ranking 148/197. Adjusted for purchasing power (GDP per capita PPP), Angola ranks 133rd at $10,119, while Zimbabwe ranks 154th at $5,928.

Angola
GDP per capita

GDP per capita, PPP
Zimbabwe
GDP per capita

GDP per capita, PPP
Year Current $
Angola Zimbabwe
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 - - $276.6 -
1961 - - $279.2 -
1962 - - $275.7 -
1963 - - $277.1 -
1964 - - $281.9 -
1965 - - $294.3 -
1966 - - $278.7 -
1967 - - $294.4 -
1968 - - $302 -
1969 - - $346 -
1970 - - $361 -
1971 - - $406 -
1972 - - $483 -
1973 - - $579 -
1974 - - $674 -
1975 - - $717 -
1976 - - $687 -
1977 - - $677 -
1978 - - $665 -
1979 - - $779 -
1980 $729 - $949 -
1981 $658 - $1,069 -
1982 $634 - $1,096 -
1983 $637 - $959 -
1984 $650 - $757 -
1985 $772 - $649 -
1986 $698 - $693 -
1987 $770 - $726 -
1988 $807 - $816 -
1989 $908 - $840 -
1990 $966 $3,705 $867 $2,757
1991 $882 $3,740 $831 $2,930
1992 $669 $3,486 $631 $2,651
1993 $450 $2,628 $605 $2,703
1994 $335 $2,633 $634 $3,012
1995 $404 $2,990 $648 $3,051
1996 $531 $3,342 $767 $3,372
1997 $522 $3,525 $751 $3,457
1998 $429 $3,609 $552 $3,527
1999 $393 $3,619 $582 $3,491
2000 $564 $3,690 $563 $3,429
2001 $534 $3,802 $566 $3,533
2002 $999 $4,241 $525 $3,238
2003 $1,134 $4,322 $468 $2,708
2004 $1,451 $4,771 $470 $2,591
2005 $2,146 $5,416 $461 $2,496
2006 $2,930 $6,018 $431 $2,454
2007 $3,515 $6,728 $414 $2,396
2008 $4,578 $7,316 $341 $1,987
2009 $3,645 $7,228 $736 $2,233
2010 $4,102 $7,412 $902 $2,661
2011 $5,184 $7,538 $1,038 $3,047
2012 $5,702 $8,246 $1,239 $3,472
2013 $5,689 $8,504 $1,363 $3,784
2014 $5,650 $9,018 $1,373 $3,903
2015 $3,642 $8,067 $1,387 $4,046
2016 $2,052 $7,767 $1,408 $4,275
2017 $2,791 $8,007 $3,445 $10,756
2018 $2,860 $8,278 $2,271 $3,993
2019 $2,494 $8,573 $2,184 $4,166
2020 $1,759 $7,827 $2,060 $4,179
2021 $2,304 $8,862 $2,614 $4,827
2022 $3,682 $9,588 $2,536 $5,396
2023 $2,916 $9,754 $2,195 $5,791
2024 $2,666 $10,119 $2,497 $5,928

Spending and national debt comparison

In 2024, Angola's government spending was $17.7B, accounting for 18% of its GDP, while Zimbabwe's spent $7.74B, or 18.3% of GDP.

Debt-to-GDP ratio is 63.9% in Angola and 56.1% in Zimbabwe, ranking 70/185 and 91/185, respectively.

Angola
Government spending

Government debt
Zimbabwe
Government spending

Government debt
Year % of GDP
Angola Zimbabwe
Government spending Government debt Government spending Government debt
1996 25.2% 92% - -
1997 26.8% 73.5% - -
1998 26.1% 96.3% - -
1999 39.4% 104.8% - -
2000 35.8% 118.2% - -
2001 30.3% 100.2% - -
2002 27.6% 65.1% - -
2003 30.1% 50.8% - -
2004 26% 41.6% - -
2005 23.7% 29.9% 15.5% 33.1%
2006 27.3% 16.7% 8.46% 39.4%
2007 34.1% 18.8% 5.06% 44.7%
2008 47.2% 28.1% 3.75% 61.1%
2009 38.7% 48.4% 11.7% 58.7%
2010 34.6% 32.6% 18.4% 47.6%
2011 33.3% 26.3% 23.2% 42.9%
2012 33.2% 23.8% 20.6% 38.4%
2013 32.9% 29.5% 20.6% 37%
2014 32.3% 35.3% 20.4% 42.3%
2015 23.9% 50.4% 20.8% 48%
2016 19.4% 66.7% 23.6% 49.9%
2017 21% 60.5% 27.9% 68.9%
2018 18.3% 82.5% 20.3% 48.1%
2019 18.2% 101.4% 14.3% 82.3%
2020 20% 119.1% 13.8% 84.5%
2021 17.3% 74.3% 18.6% 58.2%
2022 19.5% 56.1% 21.5% 99.5%
2023 19.2% 71.4% 20% 96.6%
2024 17.5% 62.5% 18.6% 94.6%
2025 17.3% 64.5% 19.1% 58.6%
2026 18% 63.9% 18.3% 56.1%

Government deficit by year

In 2024, Angola's government deficit, the difference between spending and revenue, was -$1.03B, equivalent to -1.02% of GDP. This compares to Zimbabwe's deficit of -$856M, or -2.06% of GDP.

Over the past 20 years, Angola recorded a fiscal deficit in 10 of those years, while Zimbabwe ran a deficit in 20 years. On average, Angola posted an annual surplus equal to +0.32% of GDP, compared to deficit of -3.07% of GDP for Zimbabwe.

Deficit/surplus
Angola

Zimbabwe
Year Deficit/surplus, % of GDP
Angola Zimbabwe
1996 4.49% -
1997 -0.23% -
1998 -5.1% -
1999 -8.1% -
2000 2.02% -
2001 2.8% -
2002 -2.24% -
2003 -4.1% -
2004 1.03% -
2005 6.4% -5.12%
2006 8.42% -2.07%
2007 3.85% -2.47%
2008 -3.8% -1.77%
2009 -6.8% -2.06%
2010 2.98% -0.15%
2011 7.2% -2.45%
2012 3.68% -0.18%
2013 -0.27% -0.97%
2014 -5.07% -1.02%
2015 -2.57% -2.04%
2016 -3.98% -6.59%
2017 -5.75% -10.4%
2018 2.03% -5.57%
2019 0.69% -2.64%
2020 -1.66% -0.49%
2021 3.4% -3.22%
2022 0.58% -4.88%
2023 -1.88% -5.32%
2024 -1.02% -2.06%
2025 -2.31% -0.5%
2026 -3.3% 0.44%

Inflation comparison by year

Over the past 30 years, Angola has recorded an average annual inflation rate of 56.3%, compared with 90.7% in Zimbabwe. In 2026, inflation was 16.3% in Angola and 18.2% in Zimbabwe.

Inflation
Angola

Zimbabwe
Year Inflation
Angola Zimbabwe
1997 221.5% -1%
1998 107.4% -28%
1999 248.2% -13.4%
2000 325% 4.5%
2001 152.6% -37.2%
2002 108.9% -34.4%
2003 98.2% -8.6%
2004 43.5% 113.6%
2005 23% -31.5%
2006 13.3% 33%
2007 12.2% -72.7%
2008 12.5% 157%
2009 13.7% 6.2%
2010 14.5% 3%
2011 13.5% 3.5%
2012 10.3% 3.7%
2013 8.8% 1.6%
2014 7.3% -0.2%
2015 9.2% -2.4%
2016 30.7% -1.6%
2017 29.8% 0.9%
2018 19.6% 10.6%
2019 17.1% 255.3%
2020 22.3% 557%
2021 25.8% 98.5%
2022 21.4% 193.4%
2023 13.6% 667%
2024 28.2% 736%
2025 21.6% 89%
2026 16.3% 18.2%

Top exports between countries

Angola
Export category Export value
Machinery & equipment $896K
Textiles & consumer goods $443K
Raw materials & minerals $91K
Chemicals & pharma $38K
Wood & paper products $4K
Metals $2K
Animal & marine products $1K
Processed food, beverages & tobacco $1K
Raw agricultural goods $1K
Zimbabwe
Export category Export value
Chemicals & pharma $126K
Processed food, beverages & tobacco $26K
Textiles & consumer goods $24K
Raw materials & minerals $18K
Metals $2K

Balance of trade

Angola Zimbabwe
Current account balance
$6.31B
2024
$501M
2024
Current account balance ranking
30/190
2024
62/190
2024
Current account balance, % of GDP
+6.25%
2024
+1.21%
2024
Goods imports
$14.2B
2024
$9.06B
2024
Goods exports
$36.8B
2024
$7.79B
2024
Service imports
$8.49B
2024
$1.66B
2024
Service exports
$129M
2024
$457M
2024
Imports of goods and services, % of GDP
19.4%
2024
23.4%
2024
Exports of goods and services, % of GDP
31.5%
2024
18%
2024

Economic freedom indices

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

Angola Zimbabwe
Economic freedom 55 35.1
Economic freedom ranking 130/197 191/197
Property rights 39.9 20.7
Government integrity 28.2 20.7
Judicial effectiveness 25.7 15.8
Tax burden 86.9 73.6
Government spending 89.5 87.6
Fiscal health 89.1 44.4
Business freedom 45.2 39.3
Labor freedom 50.8 33.2
Monetary freedom 64.2 0
Trade freedom 70.4 50.4
Investment freedom 30 25
Financial freedom 40 10

Economic freedom by year comparison

The Economic Freedom Index for Angola is 55, ranking 130/197, compared to 35.1 for Zimbabwe, ranking 191/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Angola
Zimbabwe
Year Economic freedom index
Angola Zimbabwe
1995 27.4 48.5
1996 24.4 46.7
1997 24.2 48
1998 24.9 44.6
1999 23.7 47.2
2000 24.3 48.7
2001 - 38.8
2002 - 36.7
2003 - 36.7
2004 - 34.4
2005 - 35.2
2006 43.5 33.5
2007 44.7 32
2008 46.9 29.5
2009 47 22.7
2010 48.4 21.4
2011 46.2 22.1
2012 46.7 26.3
2013 47.3 28.6
2014 47.7 35.5
2015 47.9 37.6
2016 48.9 38.2
2017 48.5 44
2018 48.6 44
2019 50.6 40.4
2020 52.2 43.1
2021 54.2 39.5
2022 52.6 33.1
2023 53 39
2024 54.3 38.2
2025 55 35.1

More economic indicators

Angola Zimbabwe
Services, % of GDP
41.1%
2024
50.6%
2024
Industry, % of GDP
34.6%
2024
35%
2024
Agriculture, forestry, and fishing, % of GDP
22.1%
2024
8.69%
2024
GNI, Atlas method
$108B
2024
$39.9B
2024
GNI per capita, PPP
$9,460
2024
$5,870
2024
Total reserves including gold
$14.2B
2024
$485M
2024
Total reserves ranking
69/177
2024
157/177
2024
Net foreign direct investment
$1.14B
2024
-$465M
2024
Net inflows of foreign direct investment
-$1.11B
2024
$465M
2024
Net outflows of foreign direct investment
$33.1M
2024
$131M
2024
Servicing debt to the IMF, % of GNI
11.5%
2024
3.44%
2024
Poverty at national poverty lines
36.6%
2020
38.3%
2019
Gross capital formation, % of GDP
10.4%
2024
8.85%
2024

GDP per capita map

GDP per capita

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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.