Crony financing does not pave the way to long-term growth



  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP USD 124.209bn (World ranking 57, World Bank 2017)
Population 29.78mn (World ranking 46, World Bank 2017)
Form of state Republic
Head of government João Lourenço
Next elections 2022, legislative
  • Relatively peaceful elections
  • Despite bordering DR Congo, there are no significant threats to security from external forces
  • Membership of OPEC. Second largest oil producer in Sub-Saharan Africa, with proven reserves sufficient for more than 20 years at current rates of extraction
  • In addition to hydrocarbons, possesses significant natural resources through its mining (including diamonds) and agricultural sectors
  • Considerable FDI inflows from advanced and emerging economies
  • High debt
  • Low export diversification: oil accounting for 98% of export revenues. Vulnerability to volatility in global markets and to potential large swings in oil prices
  • Rebuilding and reconstruction of economic and social communities after a debilitating civil war require considerable resources
  • Persistent pockets of high poverty
  • Perceptions of corruption and lack of transparency in oil accounts. Limited confidence in the country’s leadership and low investment from advanced economies in the non-oil sectors
  • Data provision remains uneven

Trade structure by destination/origin

(% of total)

Exports Rank Imports
China 46%
15% Portugal
India 6%
13% China
Spain 6%
12% United States
United States 5%
6% South Africa
China, Taiwan Province of 5%
5% Brazil

Trade structure by product

(% of total)

Exports Rank Imports
Petroleum, petroleum products and related materials 97%
9% Other industrial machinery and parts
Crude fertilizers other than division 56, and crude minerals 2%
8% Road vehicles
Fish, crustaceans, molluscs and preparations thereof 0%
6% Specialised machinery

Contact Euler Hermes

Economic Research Team

Stéphane Colliac

Country Risk Analyst