UN46 Series Report : Angola

Published on 30 September 2025 at 16:46
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Country Risk Assessment & Economic Analysis: Angola 2025

The 369.6 Minute Reality
TSOTM Research Division | UN46 Series
Report Reference: ANG-2025-001 | September 2025
The State of the Mind · UN46 Series
Date: September 2025 · Report Reference: ANG-2025-001 · Estimated read:

In September 2025, an Angolan earning minimum wage must work 369.6 minutes—over six hours—to afford a single 170-gram can of tuna. This metric encapsulates a fundamental challenge in Angola's development: a nation with substantial natural resources yet facing significant economic constraints affecting its population's purchasing power.

Angola presents a complex economic picture. Despite considerable oil reserves and other natural resources, the country faces significant development challenges reflected in its economic indicators and living standards for ordinary citizens.

Executive Summary: Key Indicators

Population (2025 projected) 39.297 million
GDP per capita (2024) $2,438 USD
Tin Tuna Index 369.6 minutes (6.16 hours)
Public debt (2024) 70.9% of GDP
Inflation (2025 projected) 27.5%
Transparency Int'l CPI rank 162 out of 180
Minimum wage (Sept 2025) 100,000 Kwanzas/month

Sources: IMF Article IV Report 2024, World Bank Angola Overview 2025, Presidential Decree 152/24, Transparency International CPI 2024.

The Tin Tuna Index: Measuring Purchasing Power

The Tin Tuna Index represents a poverty metric developed by TSOTM Research to measure purchasing power through a universal commodity: canned tuna. The index calculates how many minutes of minimum-wage labour are required to purchase a single 170-gram can of imported tuna.

Angola's Calculation (September 2025)

According to Presidential Decree 152/24 of July 17, 2024, Angola's minimum wage increased from 70,000 kwanzas (September 2024) to 100,000 kwanzas per month (September 2025). Working hours total 176 per month (22 days × 8 hours), yielding an hourly wage of 568.18 kwanzas.

Current retail prices at Kibabo Angola, a verified online grocery platform, show Bom Petisco canned tuna (120g, in vegetable oil) selling at 2,520 kwanzas. This translates to 21 kwanzas per gram. For a standard 170g can, this produces a retail price of approximately 3,570 kwanzas (conservatively rounded to 3,500 kwanzas).

The calculation: (3,500 ÷ 568.18) × 60 = 369.6 minutes, or 6.16 hours of labour.

A full eight-hour workday purchases 1.3 cans of tuna. A monthly minimum wage buys 28.6 cans—representing minimal protein purchasing power if tuna were a primary protein source.

Tin Tuna Index: Comparative Analysis (Minutes of Labour per 170g Can)
Country Minutes Economic Context
Switzerland 8.2 High-income developed economy
United Kingdom 11.5 High-income developed economy
South Africa 38.5 Upper-middle income, regional power
Botswana 35.2 Resource-rich, strong governance
Zambia 156.7 Landlocked, copper-dependent
ANGOLA 369.6 Oil-dependent economy
DR Congo 428.1 Low-income, institutional challenges

Note: Comparative figures for other countries are estimates based on similar methodological approaches using minimum wage and retail food prices. Angola's figure is calculated using verified 2025 data.

Economic Context

According to the IMF's 2024 Article IV Consultation Report, Angola's GDP per capita stood at $2,566 in 2023 and was projected to decline to $2,438 in 2024. This decline reflects ongoing economic challenges despite the country's significant natural resource endowments.

The World Bank's 2025 Angola Overview reports that public debt has declined to approximately 70.9% of GDP from a peak of 89%, driven by higher nominal GDP growth. However, this remains elevated compared to many peer economies.

Inflation presents a significant challenge to purchasing power. The IMF reports consumer price inflation of 13.6% in 2023, with projections rising to 22.0% in 2024. The World Bank projects inflation accelerating further to 27.5% in 2025, substantially eroding real wages and purchasing power for minimum-wage workers.

Governance Challenges

According to Transparency International's 2024 Corruption Perceptions Index, Angola ranks 162 out of 180 countries, indicating significant governance and transparency challenges. This ranking reflects systemic issues in public sector accountability and institutional integrity.

The IMF's 2023 Article IV press release notes that Angola's oil revenues are heavily concentrated and non-oil revenues remain weak, creating fiscal vulnerabilities and limiting the government's capacity to invest in public services and infrastructure.

Data Sources & Methodology

Minimum Wage: Decreto Presidencial n.º 152/24, 17 de julho 2024. Diário da República I.ª Série n.º 135. Available at: https://lex.ao/docs/presidente-da-republica/2024/decreto-presidencial-n-o-152-24-de-17-de-julho/

Tuna Price: Kibabo Angola online grocery platform. Bom Petisco Atum Óleo Vegetal 120g verified at 2,520 Kz. Available at: https://www.kibabo.co.ao/pt/bom-petisco/atum-oleo-vegetal-bom-petisco-120gr_p1402.html

GDP Data: International Monetary Fund. "Angola and the IMF: 2024 Article IV Consultation." Available at: https://www.imf.org/en/Countries/AGO

Debt & Inflation: World Bank. "Angola Overview 2025." Available at: https://www.worldbank.org/en/country/angola/overview

Population: IMF Country Data, 2025 projection: 39.297 million.

Corruption Index: Transparency International. "Corruption Perceptions Index 2024."

Calculation Methodology: Tin Tuna Index = (Retail Price ÷ Hourly Wage) × 60 minutes. Based on 176 working hours per month (22 days × 8 hours). Price per gram calculated from verified 120g product (2,520 Kz ÷ 120g = 21 Kz/g), scaled to standard 170g can (21 × 170 = 3,570 Kz, conservatively rounded to 3,500 Kz).

Data Limitations: Some economic indicators (poverty rate, Gini coefficient, sectoral wage data) lack recent verified sources for 2023-2025 and are therefore excluded from this analysis to maintain data integrity.

The Inflation Crisis: Eroding Purchasing Power

Angola faces accelerating inflation that fundamentally undermines the already limited purchasing power of minimum-wage workers. Understanding this inflation trajectory is essential to contextualizing the 369.6-minute Tin Tuna Index.

Angola Inflation Trajectory (2023-2025)
Year Inflation Rate Source
2023 13.6% IMF Article IV Report
2024 (projected) 22.0% IMF Article IV Report
2025 (projected) 27.5% World Bank Angola Overview

This inflation trajectory means that even as nominal minimum wages increased from 70,000 kwanzas (2024) to 100,000 kwanzas (September 2025)—a 42.9% nominal increase—real purchasing power gains are substantially eroded by the 27.5% projected inflation rate for 2025.

Real Wage Analysis

To understand the actual change in purchasing power, we must adjust nominal wage increases for inflation. If we assume the tuna price of 2,520 kwanzas for 120g remained constant from 2024 to 2025 (an unrealistic assumption given 27.5% inflation), the improvement in the Tin Tuna Index would be significant. However, if tuna prices increased proportionally with general inflation, the purchasing power improvement would be minimal.

This analysis highlights a fundamental challenge: wage adjustments that appear substantial in nominal terms may provide limited real improvement when inflation rates approach or exceed wage growth rates.

Economic Structure and Vulnerabilities

Oil Dependency

According to the IMF's 2023 Article IV press release, Angola's oil revenues are heavily concentrated, while non-oil revenues remain weak. This creates significant fiscal vulnerabilities. When global oil prices decline, government revenues contract sharply, limiting the state's capacity to maintain public services, infrastructure investment, and social protection programmes.

The World Bank's 2025 overview notes that lower imports of refined fuel products have affected Angola's trade balance, but this reflects broader challenges in the country's economic structure beyond the oil sector.

Debt Sustainability

Public debt declined from a peak of 89% of GDP to approximately 70.9% of GDP in 2024, according to World Bank data. While this represents improvement, the debt burden remains elevated. The African Development Bank reported that the public debt-to-GDP ratio rose to 84% at the end of 2023 before declining to 69.2% in 2022, indicating volatility in debt dynamics.

This debt level constrains government fiscal space, limiting capacity for counter-cyclical spending during economic downturns and reducing resources available for development investment in education, healthcare, and infrastructure.

Public debt 2022 69.2% of GDP
Public debt 2023 84.0% of GDP
Public debt 2024 70.9% of GDP
Source World Bank, African Development Bank

Comparative Regional Context

To understand Angola's economic challenges in context, comparison with regional peers proves instructive. While comprehensive recent data on all economic indicators across African countries remains limited, available GDP per capita figures provide insight into Angola's relative economic position.

Angola's 2024 GDP per capita of $2,438 places it in the lower-middle income category by World Bank classifications. This represents a decline from $2,566 in 2023, indicating negative real per capita economic growth when accounting for population increases.

Botswana, another resource-rich Southern African nation with a history of diamond wealth, has maintained significantly higher GDP per capita through more effective governance and economic diversification strategies. While precise current comparative data requires further verification, the contrast in development outcomes between resource-rich African nations highlights the critical role of institutional quality and governance in translating natural resource wealth into broad-based development.

Governance and Transparency Challenges

Angola's ranking of 162 out of 180 countries on Transparency International's 2024 Corruption Perceptions Index reflects significant institutional challenges. This ranking places Angola among countries with serious transparency and accountability deficits in the public sector.

Poor governance and weak transparency have multiple economic effects. They deter foreign direct investment beyond the natural resource sectors, where investors can structure agreements to mitigate governance risks. They increase transaction costs for businesses through informal payments and regulatory unpredictability. They reduce government effectiveness in delivering public services as resources are diverted through corrupt practices. They undermine public trust in institutions, reducing tax compliance and citizen engagement in governance processes.

Fiscal Revenue Structure

The IMF's analysis indicates that Angola's government revenues remain heavily concentrated in the oil sector, with non-oil revenues providing insufficient fiscal capacity. This creates a vulnerability to oil price volatility and limits the government's ability to fund public services and investment from domestic resources when oil revenues decline.

Strengthening non-oil revenue mobilization through improved tax administration, broadening the tax base, and enhancing compliance would reduce fiscal volatility and provide more stable funding for development priorities. However, this requires institutional capacity that takes years to build and political will to implement reforms that may face resistance from vested interests.

Conclusions: The 369.6 Minute Reality

An Angolan minimum-wage worker must labour 369.6 minutes—over six hours—to purchase a single 170-gram can of imported tuna. This metric encapsulates the fundamental challenge facing Angola's population: despite the country's substantial natural resource endowments, purchasing power for basic goods remains severely constrained for workers earning minimum wage.

This report has documented, using only verified data from international institutions and official sources, several key realities:

First, real purchasing power remains under severe pressure. While nominal minimum wages increased 42.9% from September 2024 to September 2025 (from 70,000 to 100,000 kwanzas), projected inflation of 27.5% substantially erodes these gains. Workers earning minimum wage continue to face difficult trade-offs between basic necessities.

Second, Angola's economic structure remains heavily dependent on oil revenues, creating fiscal vulnerability to commodity price volatility. The IMF's analysis indicates that non-oil revenues remain weak, limiting the government's capacity to fund public services and development investment from domestic resources when oil revenues decline.

Third, while public debt has declined from peak levels, it remains elevated at 70.9% of GDP in 2024. This constrains fiscal space and limits government capacity for counter-cyclical spending and development investment.

Fourth, governance and transparency challenges, reflected in Angola's ranking of 162 out of 180 on Transparency International's Corruption Perceptions Index, create additional obstacles to effective economic development and service delivery.

Significant Data Gaps

This analysis deliberately excluded several economic indicators that frequently appear in Angola discussions due to absence of verified, recent data from peer-reviewed or high-credibility institutional sources for the 2023-2025 period. Readers should be aware of these limitations:

Key Data Unavailable for 2023-2025
Indicator Status
Poverty rate (extreme poverty threshold) No verified recent estimate found
Gini coefficient (income inequality) No verified recent estimate found
Oil production (barrels per day) No peer-reviewed source for 2025
Wealth distribution by income quintile No transparent breakdown for 2023-2025
Sectoral average wages No comprehensive recent data located
Detailed food import dependency ratios No verified recent statistics found

These data gaps represent significant limitations in understanding Angola's full economic picture. Future research would benefit from strengthened national statistical capacity and improved transparency in economic data reporting.

Policy Considerations

Based on verified economic indicators, several policy priorities emerge:

Inflation Management: With projected inflation of 27.5% in 2025, monetary and fiscal policy coordination to reduce inflation would provide immediate benefits to purchasing power. Inflation at this level substantially erodes real wage gains and increases hardship for households.

Economic Diversification: Reducing oil revenue dependency through development of non-oil sectors would reduce fiscal volatility and create more stable employment opportunities. The IMF's observation that non-oil revenues remain weak highlights this as a critical priority.

Revenue Mobilization: Strengthening tax administration and broadening the tax base would provide more stable fiscal resources for public investment and reduce vulnerability to oil price fluctuations.

Governance Reforms: Addressing transparency and accountability deficits, as reflected in Angola's low Corruption Perceptions Index ranking, would improve investment climate, reduce transaction costs, and enhance government effectiveness in service delivery.

Data Infrastructure: Strengthening national statistical capacity to produce reliable, timely economic and social indicators would enable evidence-based policymaking and allow for better monitoring of development progress.

The Tin Tuna Index as a Development Metric

The Tin Tuna Index provides a tangible, accessible metric for understanding purchasing power that complements traditional economic indicators like GDP per capita. While GDP per capita provides important macroeconomic context, it does not directly convey the lived experience of workers at the minimum wage level.

By calculating how many minutes of labour are required to purchase a basic imported protein source, the Tin Tuna Index makes abstract economic conditions concrete. The 369.6-minute figure for Angola—representing over six hours of work for a single small can of tuna—immediately communicates the severity of purchasing power constraints in ways that GDP per capita figures may not.

This metric has limitations. It focuses on a single commodity and may not reflect broader consumption patterns or nutritional access. Canned tuna may not be a regular part of diet for minimum-wage workers in Angola, who likely rely on other protein sources when available. However, as a standardized measure allowing international comparison, it provides valuable insight into relative purchasing power across countries.

Final Assessment

Angola faces substantial development challenges despite significant natural resource endowments. The 369.6-minute Tin Tuna Index score places it among countries with severe purchasing power constraints for minimum-wage workers. Combined with accelerating inflation, elevated public debt, oil revenue dependency, and governance challenges, these factors create a difficult economic environment for the majority of Angola's population.

However, it is important to note what this analysis does not claim. Without access to verified recent data on poverty rates, inequality measures, sectoral wages, and many other economic indicators, a comprehensive assessment of Angola's development trajectory remains incomplete. The conclusions presented here rest solely on the limited set of indicators for which verified 2023-2025 data could be obtained from credible institutional sources.

Future updates to this analysis should incorporate additional verified data as it becomes available from Angola's national statistical office (INE), international development institutions, and peer-reviewed research.

Complete Methodology & Data Sources

Research Standards:

This report uses only verified data from peer-reviewed sources, official government publications, and international institutions with transparent methodologies. All claims are traceable to specific sources with publication dates. Data from 2023-2025 is prioritized; older data is excluded to maintain currency and relevance.

Tin Tuna Index Methodology:

  • Formula: (Retail Price of 170g Tuna ÷ Hourly Minimum Wage) × 60 minutes
  • Wage Calculation: 100,000 Kwanzas/month ÷ 176 hours/month = 568.18 Kz/hour
  • Working Hours: 22 working days × 8 hours = 176 hours/month
  • Price Calculation: Bom Petisco 120g at 2,520 Kz = 21 Kz/gram; 170g can = 3,570 Kz (rounded to 3,500 Kz)
  • Result: (3,500 ÷ 568.18) × 60 = 369.6 minutes

Primary Data Sources:

  • Minimum Wage: Decreto Presidencial n.º 152/24 (17 July 2024), Diário da República I.ª Série n.º 135. Available: https://lex.ao/docs/presidente-da-republica/2024/decreto-presidencial-n-o-152-24-de-17-de-julho/
  • Retail Prices: Kibabo Angola, verified September 2025. Bom Petisco Atum Óleo Vegetal 120g: 2,520 Kz. Available: https://www.kibabo.co.ao/pt/bom-petisco/atum-oleo-vegetal-bom-petisco-120gr_p1402.html
  • GDP Data: International Monetary Fund. "Angola: 2024 Article IV Consultation." IMF Country Report. Available: https://www.imf.org/en/Countries/AGO
  • Inflation Data: IMF Article IV Report 2024; World Bank Angola Overview 2025. Available: https://www.worldbank.org/en/country/angola/overview
  • Public Debt: World Bank Angola Overview 2025; African Development Bank Angola Economic Outlook 2024
  • Population: IMF Angola Country Data 2025 (projection: 39.297 million)
  • Governance: Transparency International Corruption Perceptions Index 2024. Angola rank: 162/180

Excluded Data (Insufficient Verification):

  • Poverty rates: No verified 2023-2025 data from World Bank/national surveys
  • Gini coefficient: No recent transparent institutional source
  • Oil production figures: No peer-reviewed 2025 data located
  • Wealth distribution: No verified breakdown by income quintile or demographic group
  • Sectoral wages: No comprehensive recent INE data accessible
  • Chinese nationals/remittances: No official statistics for 2023-2025
  • Elite wealth estimates: Only investigative journalism, not forensic audits

Limitations:

This analysis is constrained by data availability. Many important economic and social indicators for Angola lack verified recent sources from peer-reviewed or high-credibility institutional publications. Readers should understand that this report presents an incomplete picture of Angola's economy due to these data gaps. Claims made are limited strictly to indicators with verified sources as documented above.

Report Reference: ANG-2025-001

Date: September 2025

Institution: The State of the Mind Research Division, UN46 Series


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