Angola Economic Outlook
December 16, 2021Available data suggests that momentum has remained fairly stable in the fourth quarter. On average, Cabinda oil production was virtually unchanged in October–November compared to the third quarter. Prices for the black gold inched down in November, but remained above the levels seen in Q3 and markedly above last year’s price. This should support government finances. Less positively, mounting inflation in the fourth quarter so far, coupled with an increase in the unemployment rate in the third quarter, will weigh on household spending. Furthermore, the government recently expanded international travel restrictions for various African countries due to the emergence of the Omicron variant. These restrictions will likely drag on Angola’s services and tourism sectors.
Angola Economic GrowthThe economy should return to growth next year as the oil sector is set to rebound from a multi-year recession. Within the non-oil sector, activity should receive a boost from progress on the vaccination front and easing price pressures, as well as the halving of the VAT. However, the outlook is clouded by social unrest and a large public debt burden. FocusEconomics panelists see GDP expanding 2.6% in 2022, which is down 0.2 percentage points from last month’s forecast. In 2023, the economy is seen growing 3.0%.
Angola Economy Data
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Angola Economic News
January 15, 2022
National accounts data for the third quarter showed that the economy expanded 0.8% year-on-year, rebounding from the second quarter’s revised 0.2% contraction.
January 14, 2022
Consumer prices rose 2.20% in December over the previous month, picking up from the 2.13% increase seen in November.
December 13, 2021
Consumer prices increased 2.13% over the previous month in November, a smaller increase than the 2.16% rise recorded in October.
December 13, 2021
Cabinda oil prices dropped to an average of USD 81.7 per barrel (pb) in November.
December 9, 2021
Economic sentiment continued to improve for the fourth quarter running as the index rose to minus 2.0 in the third quarter from minus 6.0 in the second.