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
November 13, 2020
Consumer prices rose 1.99% over the previous month in October, picking up from the 1.91% rise logged in September.
November 11, 2020
On average, Angolan Cabinda oil sold at USD 40.3 per barrel (pb), down from September’s USD 41.0 pb.
October 28, 2020
The economic recession deepened markedly in the second quarter due to the fallout from the global pandemic, with the economy contracting a steep 8.8% year-on-year.
October 19, 2020
Angolan Cabinda oil sold at USD 41.0 per barrel (pb) on average in September, which is down from August’s six-month high of USD 45.4 pb and likely due to easing demand amid renewed restrictive measures in some parts of the world as new Covid-19 cases have been on the up.
October 12, 2020
Consumer prices increased 1.91% in September over the previous month, below August's 2.00% increase.