Angola Economic Outlook
August 24, 2021
Economic conditions likely remained challenging in the second quarter. On one hand, oil prices reached an over two-and-a-half-year high in June, with the easing of restrictions abroad boosting oil demand. On the other hand, oil output tumbled to an over 16-year low in June due to prior OPEC+ production cuts. Moreover, inflation spiraled further in the same month, likely eating into consumers’ pockets, while lingering lockdown measures amid the country’s low vaccination rate and elevated Covid-19 cases will have further dented activity. Turning to Q3, authorities extended the nationwide state of emergency until at least 6 September. However, certain measures were eased, which could provide the economy with some much-needed respite. Furthermore, oil prices rose higher in July, which should support public finances despite a further drop in output in the same month.Angola Economic Growth
The economy is forecast to return to growth this year, following years of recession. Activity should receive a boost from the gradual lifting of lockdown measures at home and abroad. That said, a low base effect will flatter growth, while social unrest, high inflation and a sizable public debt burden cloud the outlook. FocusEconomics panelists see GDP expanding 0.9% in 2021, which is down 0.2 percentage points from last month. In 2022, the economy is seen growing 2.9%.Angola Economy Data
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Angola Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 479.0 | 0.0 % | Jan 01 |
| Stock Market | 0.1 | 0.0 % | Jan 07 |
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Angola Economic News
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Angola: Inflation increases to over four-year high in July
August 13, 2021
Consumer prices rose 2.28% month-on-month in July, accelerating from June’s 2.24%.
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Angola: Cabinda prices rise to multi-year high in July
August 11, 2021
The average price for Cabinda oil rose to USD 75.8 per barrel (pb) in July, up from June’s USD 73.7 pb.
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Angola: Cabinda prices rise to over two-and-a-half-year high in June
July 15, 2021
Cabinda oil sold for USD 73.7 per barrel (pb) on average in June, up markedly from USD 68.6 pb in May, and marking the highest price since October 2018.
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Angola: GDP drops at milder pace in first quarter of 2021
July 15, 2021
Economic conditions remained challenging in the first quarter of 2021, with GDP contracting 3.4% year-on-year amid the lingering impact of the Covid-19 pandemic.
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Angola: Inflation increases to over three-year high in June
July 14, 2021
Consumer prices increased 2.24% in June over the previous month, picking up from the 2.21% rise recorded in May.
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