Angola Economic Outlook
February 20, 2018The economy remains fragile despite recovering oil prices, which reached an over-three year high in January. Industrial production in the third quarter of 2017 contracted 2.3% in year-on-year terms, and exports of goods and services also dropped compared to the previous year, indicating depressed oil earnings in the period when the current upswing in global oil prices started. Furthermore, the devaluation of the kwanza on 9 January is putting severe pressure on the government’s public accounts. Moody’s placed Angola’s B2 credit rating under review on 9 February due to growing concerns over the country’s mounting debt level. Public debt is expected to have increased, along with borrowing requirements to meet the government’s high debt obligations. A rating decision by Moody’s will largely depend on the government’s ability to successfully restructure part of its debt with international partners to put it on a more sustainable footing.
Angola Economic GrowthFiscal austerity measures and structural imbalances in the economy will keep growth constrained this year. FocusEconomics panelists expect GDP to expand 1.6% in 2018, which is down 0.5 percentage points from last month’s forecast. For 2019, growth is expected to reach 2.7%.
Angola Economy Data
5 years of Angola economic forecasts for more than 30 economic indicators.
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Angola Economic News
March 15, 2018
The average price of Angola’s Cabinda crude oil dropped from USD 69.2 per barrel in January to USD 65.5 per barrel in February.
March 14, 2018
Consumer prices in the province of Luanda rose 1.12% in February from the previous month, coming in below January’s 1.39% month-on-month increase.
February 28, 2018
At its monthly meeting held on 28 February, the National Bank of Angola (Banco Nacional de Angola, BNA) left the main interest rate unchanged at 18.00%. The Bank’s stance was expected, given elevated inflation in the country and the currency devaluation on 9 January.
February 14, 2018
Consumer prices in the province of Luanda rose 1.39% in January from the previous month, coming in above December’s 1.13% month-on-month increase.
February 13, 2018
The average price of Angola’s Cabinda crude oil rose from USD 64.8 per barrel in December to USD 69.2 per barrel in January.