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
April 23, 2021
The economy remained in a challenging position in the final quarter of last year, with GDP falling 5.4% year-on-year amid the lingering impact of the pandemic.
April 15, 2021
Angola’s Cabinda oil sold at USD 65.7 per barrel (pb) on average in March, which was up from February’s USD 62.5 pb.
April 15, 2021
Consumer prices increased 2.40% from the previous month in March, accelerating from the 2.35% rise seen in February.
March 29, 2021
The Monetary Policy Committee of the National Bank of Angola (BNA) maintained its basic reference rate at 15.50% at its 29 March meeting.
March 24, 2021
Although economic sentiment reversed the downward trend in the fourth quarter of last year, confidence remained deeply entrenched in pessimistic territory as the economic sentiment index came in at minus 16 from minus 24 in the third quarter.