INE — National Statistics Institute

Overview

INE (Instituto Nacional de Estatística) is Angola’s national statistics office, responsible for the production and dissemination of official economic, demographic, and social statistics. As the authoritative source of macroeconomic data — including GDP, the Consumer Price Index (CPI), employment figures, and population statistics — INE provides the foundational data that investors, policymakers, and international institutions rely on to assess Angola’s $115.2 billion economy.

Key Publications

INE publishes a comprehensive range of statistical releases that are essential for capital markets analysis:

Inflation Data

INE’s CPI release is among the most closely watched data points for Angola’s capital markets. The December 2025 reading of 15.7% year-on-year is the primary reference for:

• BNA monetary policy: The policy rate (17.5%) is calibrated relative to CPI trends, with the January 2026 rate cut from 18.5% reflecting the inflation trajectory
• Real interest rates: Investors calculate real returns on Bilhetes do Tesouro and Obrigações do Tesouro using INE’s CPI data
• Wage negotiations: Both public and private sector salary adjustments reference official inflation
• Social policy: Government transfer programmes and minimum wage decisions are informed by INE price data

GDP and National Accounts

INE’s national accounts data provides the sectoral breakdown critical for understanding Angola’s economic diversification progress:

• Oil sector GDP share: Tracking the petroleum sector’s contribution relative to non-oil sectors
• Agricultural output: Measuring progress toward food self-sufficiency and import substitution under PRODESI
• Financial services: Gauging the growth of banking, insurance, and capital markets activity
• Construction and manufacturing: Indicators of non-oil investment and industrial development

Institutional Development

INE has been undergoing institutional strengthening with support from international partners including the IMF, World Bank, and UN agencies. Key areas of improvement include:

• Methodology alignment: Adopting international standards (System of National Accounts 2008, CPI Manual) to improve data comparability
• Timeliness: Reducing publication lags to provide more timely data for market participants
• Coverage: Expanding statistical coverage to include previously underreported sectors and informal economic activity
• Digitization: Modernizing data collection and dissemination systems

Capital Markets Relevance

For investors, INE data quality and timeliness directly affect the ability to make informed allocation decisions:

• Sovereign debt pricing: CPI data influences real yield calculations on government securities
• Bank equity analysis: GDP growth and inflation data are key inputs for BAI, BFA, BCGA, and other bank valuations
• Credit analysis: Debt-to-GDP (59.9%) and other fiscal ratios use INE’s GDP data as the denominator
• Rating agency assessments: S&P, Moody’s, and Fitch rely on INE data for their Angola sovereign ratings (B- / B3 / B-)

Investor Considerations

Investors should access INE releases directly and cross-reference with IMF estimates, BNA publications, and MINFIN fiscal reports. Historical data revisions are common as methodologies improve, and investors should be aware of potential discrepancies between INE figures and IMF estimates. The reliability and granularity of INE’s statistical output is itself an indicator of Angola’s institutional development and governance quality.