Luanda:President Joao Lourenço announced that Angola is witnessing significant progress due to economic and institutional reforms aimed at diversifying the economy, strengthening the private sector, and improving state functions.
According to Angola Press News Agency, President Lourenço made these comments during the solemn opening ceremony of the fifth legislative session at the National Assembly. The event was attended by deputies, executive members, higher court representatives, the Public Prosecutor's Office, diplomats, and other guests.
In his State of the Nation address, President Lourenço emphasized Angola's courage in addressing economic and institutional challenges, recognizing the necessity for structural changes to the national development model. Since taking office in 2017, he has implemented reforms to reduce dependence on oil, increase private sector involvement, and create a more efficient and transparent government.
President Lourenço highlighted the country's economic performance, noting a 5.3% growth in gross domestic product (GDP) driven by a 6.2% expansion in the non-oil sector. Over the past two years, the non-oil economy grew by an average of 5.2%, despite challenges in oil production and investment.
The President also pointed out the reduction in the public debt-to-GDP ratio from 115.9% in 2020 to 51.2% by 2026, which has allowed more resources for essential public services. He cited declining inflation, from 27.5% in 2024 to 10.8% in June 2026, and a reduction in the unemployment rate from 31.5% to 21.3% in the first quarter of this year, as further evidence of progress.
These developments, according to President Lourenço, are the result of efforts to consolidate public finances, boost domestic revenue, and enhance public spending quality, aimed at strengthening investor confidence and safeguarding household incomes.
The session marks the final stage of the current legislative term, with the 2027 general elections on the horizon and the fifth legislative term drawing to a close.
