Angola's Direct Investment in Portugal Outpaces Portugal's in Angola

Angolan foreign direct investment (FDI) in Portugal reached €4.5257 billion at the end of 2025, a 50.9 % rise from the previous year and 152 % higher than in 2021, according to data compiled by Portugal’s Agency for Investment and External Trade (AICEP). This stock is almost double the €2.4104 billion of Portuguese investment in Angola, which fell 9.7 % from 2024 and remains below the 2021 level.

The bilateral balance turned negative for Portugal, shifting from a €725 million surplus in 2021 to a €2.115 billion deficit in 2025. Between 2021 and 2025 Angola moved up from the 14th to the 9th largest investor among 62 countries in Portugal, while Portugal dropped from the 3rd to the 7th top destination for its outbound FDI.

In the first quarter of 2026 Angola invested €96.1 million in Portugal, whereas Portuguese investment in Angola was a net outflow of €50.2 million. Tourism flows showed Angola delivering €410 million to Portugal in 2025 (the 14th largest source), a 4.2 % decline, while Portuguese spending in Angola rose 10.6 % to €42.4 million in 2025 and increased 14.2 % in early 2026.