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||0.0 %||Mar 27|
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March 16, 2017
The average price of Angola’s Cabinda oil edged up slightly in February, reaching USD 54.8 per barrel, which was 77.03% higher than the same month of the previous year and 0.64% above the corresponding figure for January. More recently, on 15 March the price of Angola’s Cabinda oil was USD 50.67 per barrel, which was 7.0% lower than on the same day in February but 39.7% higher than on the same day last year.
March 16, 2017
Consumer prices in the province of Luanda, Angola rose 2.59% in February from the previous month, above January’s 2.29% rise.
February 14, 2017
Consumer prices in the province of Luanda rose 2.29% in January from the previous month, above December’s 2.17% rise.
January 31, 2017
At its 30 January monetary policy meeting, the National Bank of Angola (Banco Nacional de Angola, BNA) decided to keep the Basic Interest Rate on hold again at the record high of 16.00%.
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.