Angolan direct investment in Portugal has more than doubled since 2021 and is currently nearly double the amount of Portuguese direct investment in Angola, according to data from Banco de Portugal compiled by AICEP.
By the end of 2025, the total stock of Angolan direct investment in Portugal reached €4,525.7 million, representing a 50.9% increase from 2024 and a 152% jump compared to 2021. When calculated using the ultimate investing country framework, the Angolan direct investment stock in Portugal was even higher at €5,168.8 million—up 45.2% from 2024.
Conversely, Portuguese direct investment stock in Angola fell to €2,410.4 million in 2025, down 9.7% from 2024 and dropping below 2021 levels.
This shift flipped the net investment balance between the two countries. While Portugal held a positive net position of €725 million in 2021, the balance turned negative in 2024 and reached a negative €2,115.3 million for Portugal in 2025.
Read more about this topic: Portugal’s exporters to Angola drops by 713 since 2021 despite revenue growth
Between 2021 and 2025, Angola climbed from 14th to 9th place among foreign investor nations in Portugal out of 62 countries tracked by Banco de Portugal. Meanwhile, Angola dropped from 3rd to 7th place as a destination for Portuguese foreign direct investment.
In the first quarter of 2026, Angolan investment into Portugal added €96.1 million. In contrast, Portuguese direct investment flows into Angola were negative at -€50.2 million, down from a positive €22.2 million recorded during the same period in 2025.
In the tourism sector, spending by Angolan visitors generated €410 million for Portugal in 2025 (a 4.2% drop from 2024), making Angola the 14th largest source market for Portuguese tourism. Tourism revenue from Angolan visitors continued to contract in Q1 2026, falling 6.5% year-over-year to €104.6 million. Conversely, Portuguese travel expenditure in Angola rose 10.6% in 2025 to €42.4 million and grew an additional 14.2% in the first quarter of 2026.
