Angola Economic Outlook
November 17, 2020The economic downturn worsened markedly in Q2 at the hands of the pandemic, which battered domestic and foreign demand. Moreover, the all-important oil sector contracted for the 17th consecutive quarter. Turning to Q3, data continued to paint a bleak picture. The unemployment rate rose further, which, coupled with spiraling inflation, will have weighed on private consumption. Price pressures have been building up, partly due to ongoing currency depreciation, which in turn will have also weighed on business activity. Moreover, the weakened currency, coupled with lower oil output and still-subdued prices, continues to heighten the risk of debt default. In other news, social unrest continued into mid-November, with anti-government protesters taking to the streets on the country’s Independence Day. This, together with a global rise in new Covid-19 cases, is set to hamper activity in Q4.
Angola Economic GrowthNext year, the economy is forecast to partly recover from this year’s Covid-19-induced slump as both external and domestic demand strengthen. The recovery is expected to be mild as still-elevated unemployment, ongoing currency weakness, social unrest, a notable fiscal shortfall and ballooning public debt all hang over the economy. FocusEconomics panelists see GDP expanding 1.3% in 2021, which is up 0.3 percentage points from last month. In 2022, the economy is seen growing 2.4%.
Angola Economy Data
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Angola Economic News
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.
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.
July 14, 2021
Consumer prices increased 2.24% in June over the previous month, picking up from the 2.21% rise recorded in May.
July 2, 2021
At its 2 July meeting, the Monetary Policy Committee of the National Bank of Angola hiked the basic reference rate to a record high of 20.00% from 15.50%.
June 14, 2021
Consumer prices increased 2.21% in May over the previous month, a smaller increase than April's 2.32% increase.