Angola Economic Outlook
October 18, 2016The preliminary agreement reached by OPEC members in late September to cut output comes as good news for the oil-rich country and pushed Angolan oil prices in September to the highest level in nearly a year. Nevertheless, doubts remain as to whether the agreement will provide enough support to improve the country’s battered finances. Angola is currently facing a foreign currency crunch which has hampered banking activity, investment, and output in the non-oil sector. Against this backdrop, credit rating agency Fitch downgraded Angola’s rating from B+ to B and left the outlook unchanged at negative. Fitch commented that future rating cuts will be on the table if fiscal consolidation efforts prove insufficient, the recovery in oil prices fails to improve current financial pressures or macroeconomic vulnerabilities persist.
Angola Economy Data
5 years of Angola economic forecasts for more than 30 economic indicators.
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|Exchange Rate||165.7||-1.18 %||Oct 20|
Angola Economic Growth
October 18, 2016As oil revenues constitute approximately 95% of exports and over 66% of fiscal revenues, the country’s growth prospects will remain grim as long as oil prices stay subdued. Analysts expect GDP to grow 1.2% in 2016, which is down 0.4 percentage points from last month’s forecast. In 2017, they see the economy growing 2.3%.
Angola Economic News
October 17, 2016
In September, the average price of Angola’s Cabinda oil rose 1.0% over the previous month, reaching USD 45.9 per barrel.
October 14, 2016
In September, consumer prices rose 2.14% from the previous month, down from August’s 3.31% increase.
September 28, 2016
At its 28 September monetary policy meeting, the National Bank of Angola (Banco Nacional de Angola, BNA) decided to keep the Basic Interest Rate on hold at a record high of 16.00%.
September 14, 2016
In August, the average price of Angola’s Cabinda oil rose 2.9% over the previous month, reaching USD 45.4 per barrel.
September 12, 2016
In August, consumer prices rose 3.31% over the previous month, which came in below the 4.04% increase recorded in July.