Angola Economic Outlook
April 16, 2019Available indicators suggest that weak dynamics persisted at the outset of the year, after the economy likely contracted in Q4 2018. Although the economic activity index edged up in January, which mainly reflected the softer decline of activity in the all-important oil industry, it remains firmly entrenched in negative territory. In the same month, oil exports plunged on an annual basis, contributing to the first monthly trade deficit in a year. Furthermore, the non-oil economy lost momentum yet again, with annual growth in activity falling to a seven-month low in January. Meanwhile, after oil production dipped to its lowest level in over a decade in February, it inched back up in March; however, the quarterly average came notably below that of Q4, hinting that overall economic conditions remained frail in Q1.
Angola Economic GrowthThe economy is expected to exit recession this year largely on the back of improving domestic demand. The economy’s high dependence on the oil industry, however, poses the main downside risk to the outlook as disruptions in production and/or softer crude prices would adversely impact fiscal and external accounts. FocusEconomics panelists project GDP to expand 0.6% in 2019, which down 0.7 percentage points from last month’s forecast, and 1.8% in 2020.
Angola Economy Data
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|Exchange Rate||324.5||0.0 %||May 13|
|Stock Market||0.1||0.0 %||May 13|
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Angola Economic News
Angola: Cabinda crude oil prices surge to six-month high in April amid a slight rebound in Angola’s output
May 17, 2019
The average price of Angola’s Cabinda crude oil rose from USD 66.8 per barrel (pb) in March to a six-month high of USD 72.2 pb in April.
May 14, 2019
According to the Statistical Institute (Instituto Nacional de Estadística), consumer prices in the province of Luanda rose 1.1% in April from the previous month, down slightly from March’s 1.2% increase.
April 17, 2019
The economy returned to growth in the final quarter of 2018, according to national accounts data released by the Statistical Institute (INE) on 17 April.
April 15, 2019
According to the Statistical Institute (Instituto Nacional de Estadística), consumer prices in the province of Luanda rose 1.2% in March from the previous month, up slightly from February’s 1.0% increase.
April 11, 2019
The average price of Angola’s Cabinda crude oil rose from USD 65.2 per barrel (pb) in February to a five-month high of USD 66.8 pb in March.