With a population of 28.8 million, the Republic of Angola's gross domestic product (GDP) was 117,5 billion US dollars in current prices in 2016. This is relatively high compared to other sub-Saharan African countries, and remarkable for a least developed country (LDC). The paradox is also shown in the steady growth in GDP per capita, that rose from 420 US dollars in 2000 to 4,078 US dollars in 2016.
Despite the exceptional improvement in GNI per capita, progress in economic diversification and advancement in social and human-capital indicators has been limited. The challenges continue to be daunting.
Angola remains heavily dependent on oil, which accounts for a whopping 93% of the nation's total merchandise exports. The recent decline in international oil prices has further aggravated the vulnerability of the country to external shocks. Overdependence on a single export item (oil) has also discouraged the country from incorporating into global value chains and participating more fully in the export of manufactured goods and value-added services.