The economic challenges faced by Angola and its families have deepened over the past year, driven by rising unemployment and increasing prices for goods and services. These findings were highlighted in the Consumer Confidence Indicator released by the Angolan National Statistics Institute (INE) on December 30, based on its Consumer Situation Survey for Q3 2024.
The survey, which sampled 3,000 families across Angola’s 18 provinces, revealed widespread pessimism about the economy. Most respondents anticipate further price hikes for goods and services over the next 12 months. This marks the sixth consecutive semester of decline in the Consumer Confidence Indicator, reflecting what the report describes as a “low degree of optimism” among Angolan families.
Key factors contributing to this negative sentiment include the expectation of rising unemployment, bleak projections for the country’s economic outlook, and concerns over households’ financial stability in the coming year.
When asked about their ability to save money in the current economic climate, only 22% of households expressed optimism, a 0.9 percentage point drop compared to the same quarter last year. Similarly, intentions to purchase a car within the next two years were expressed by just 2% of respondents, a slight decline of 0.4 percentage points.
On a more positive note, intentions to buy or build a house in the next two years increased modestly, with 11% of respondents expressing certainty about their plans—a one-percentage-point rise compared to the same period last year.
Demographically, 50.5% of respondents fell within the 25–44 age range, while 6.5% were aged 15–24 years, providing insight into the population most impacted by the ongoing economic difficulties.
The findings underscore the pressing need for measures to restore consumer confidence and address the economic challenges faced by Angolan families.