GDP in Angola
Angola - GDP
Economy in 2015 grew at slowest pace since 2009 according to revised data
The Angolan economy decelerated sharply in 2015, according to the revised 2016 budget approved by the National Assembly in mid-August. GDP growth slowed from 4.8% in 2014 to a revised 3.0% in 2015 (previously reported: +4.0% year-on-year). This marks the slowest expansion since 2009 and reflects the economic woes the oil-dependent country is facing.
The slowdown in 2015 was driven by a contraction in manufacturing and a sharp deceleration in six of the nine sectors of the economy. Manufacturing swung from an 8.1% expansion in 2014 to a 2.1% contraction in 2015. Construction activity slowed from 8.0% last year to 3.5% this year and the energy sector lost significant momentum (2014: +17.3%; 2015: +2.5%).
Oil and diamond extraction were the only two sectors in which the pace of expansion picked up. The all-important oil sector swung from a 2.6% contraction in 2014 to a 6.3% expansion in 2015. Diamond extraction accelerated from 1.0% in 2014 to 2.2% in 2015.
The revised 2016 budget lowered the government’s forecast of the average Cabinda oil price from USD 45.0 per barrel to USD 40.9. Oil earnings have dropped significantly this year and the government expects fiscal revenues to decline sharply as a result. This has prompted the government to lower its growth forecast for this year to 1.1%, down from 3.3% in the original 2016 budget.
FocusEconomics Consensus Forecast participants see the economy growing 1.8% in 2016, which is down 0.2 percentage points from last month’s forecast. For 2017, panelists project that the economy will expand 2.9%.
Angola - GDP Data
|Economic Growth (GDP, annual variation in %)||3.9||5.2||6.8||4.8||4.0|
5 years of economic forecasts for more than 30 economic indicators.
Angola GDP Chart
Source: National Statistical Institute of Angola
|Exchange Rate||165.8||0.03 %||Jan 20|
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January 18, 2017
The average price of Angola’s Cabinda oil recovered in December, reaching USD 53.3 per barrel, which was 46.3% higher than the same month of the previous year.
January 5, 2017
Consumer prices rose 2.17% in December from the previous month, virtually mirroring November’s 2.13% rise.
December 29, 2016
At its 22 December monetary policy meeting, the National Bank of Angola (Banco Nacional de Angola, BNA) decided to keep the Basic Interest Rate on hold again at a record high of 16.00%.
December 9, 2016
The economic climate indicator (ICE, Indicador de Clima Económico) for Angola, which is published by the National Statistical Institute and covers the mining, manufacturing, construction, trade, transport, tourism and communication sectors, recovered some ground and increased from minus 34 in the second quarter to minus 32 in the third quarter.
December 9, 2016
In November, the average price of Angola’s Cabinda oil dropped 8.5% over the previous month, reaching USD 44.7 per barrel.