Angola Economic Outlook
May 26, 2020Storm clouds have been gathering on the horizon in recent weeks in part due to the Covid-19 pandemic. Saudi Arabia and Russia continued their oil price war in early April, which flooded the market amid weakened global demand and dragged heavily on prices. Consequently, in April, Cabinda crude oil prices fell to an over two-decade low, while oil production fell to a five-month low. This should have weighed on exports at the start of the second quarter, and also increases the risk of default given the country's large public debt and high reliance on oil revenues. Moreover, private consumption and business outlays are expected to have suffered amid continued kwanza depreciationâ€”the currency was down 17.3% year-to-date on 22 Mayâ€”stoking price pressures, and the government's extension of the state of emergency until 25 May. However, some lockdown restrictions have now been eased, which should prop up activity somewhat.
Angola Economic GrowthThe economy will contract sharply this year as domestic activity is depressed by containment measures, a weakening kwanza and rising price pressures, while the external sector will be hit by lower oil prices and output. Exacerbating matters is the looming risk of default amid an increasing pile of debt, which threatens macroeconomic stability. FocusEconomics panelists see GDP shrinking 3.1% this year, which is unchanged from last month's forecast. In 2021, the economy is seen expanding 1.0%.
Angola Economy Data
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Angola Economic News
May 20, 2020
The average price of Angola’s Cabinda crude plummeted to an over two-decade low of USD 14.1 per barrel (pb) in April, from March’s USD 33.1 pb.
May 12, 2020
Consumer prices increased 2.0% in April over the last month, picking up from the 1.7% rise logged in March.
May 7, 2020
The Monetary Policy Committee of the National Bank of Angola (BNA) moved forward its scheduled meeting by 20 days to 7 May.
April 27, 2020
The Angolan kwanza continued to plummet against the U.S. dollar through much of April, as global oil prices collapsed and fears of a severe recession intensified amid the Covid-19 pandemic.
April 17, 2020
The average price of Angola’s Cabinda crude nosedived to an over four-year low of USD 33.1 per barrel (pb) in March, from USD 57.3 pb in February, as the Covid-19 pandemic bruised global demand.