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🇦🇴 #Angola's economy has been heavily dependent on oil exports, the primary source of its forex.

There's a need for economic diversification and it remains muted; however, we see some green shoots, exports rising

Follow the thread🧵 #AngolanEconomy

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According to the Harvard Growth Lab Atlas of Economic Complexity, Angola's exports indicated the lowest ranking in the World in 2020.

Exports are 99% crude, refined oil, LNG, and diamonds.

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👀Looking at tax authority data up to April 2023, we look at what non-oil exports are beginning to appear in statistics.

Legacy non-oil exports include wood, shrimp and cement.

Except for wood, no sustainable growth there.

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