Angola Economic Outlook
November 13, 2018
The economy remained in deep recession in the second quarter as GDP contracted 7.4% in annual terms, a marked deterioration from Q1’s result (Q1: -4.7% yoy). Declining oil production weighed on the all-important oil extraction and refining sector, which in turn likely took a bite out of exports growth. In addition, manufacturing output also weakened in Q2 and, despite ongoing economic reforms pursued by President João Lourenço’s government, incoming data suggests that GDP continued to contract in the third quarter. Oil production slipped again in annual terms in Q3, while a sustained depreciation of the kwanza and elevated inflation weighed on purchasing power, which will likely have dragged on household consumption. Meanwhile, on 26 October the United Nations condemned the Angolan security forces for “serious human rights abuses” following the deportation of over 300,000 Congolese from the country as part of the government’s fight against illegal diamond mining in the country.Angola Economic Growth
The economy is expected to return to growth next year, supported by improving domestic demand dynamics and rising oil production. Waning inflationary pressures should bolster household consumption, while fixed investment should benefit from more favorable financing conditions amid ongoing economic reforms. However, Angola’s dependence on the volatile oil sector remains the key risk to the outlook. FocusEconomics panelists see GDP expanding 2.3% in 2019, up 0.1 percentage points from last month’s forecast, and 2.8% in 2020.Angola Economy Data
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Angola Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 310.6 | 0.0 % | Nov 14 |
| Stock Market | 0.1 | 0.0 % | Nov 13 |
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Angola Economic News
Angola: Cabinda crude oil prices edge up in October
November 12, 2018
The average price of Angola’s Cabinda crude oil jumped from USD 79.5 per barrel (pb) in September to USD 82.0 pb in October.
Angola: Cabinda crude oil prices rise in September
October 15, 2018
The average price of Angola’s Cabinda crude oil jumped from USD 71.9 per barrel (pb) in August to USD 79.5 pb in September.
Angola: Kwanza weakens further amid controlled exchange-rate adjustment
October 15, 2018
The Angolan kwanza weakened further in recent weeks as the Central Bank (Banco Nacional De Angola, BNA) continued to pursue its controlled adjustment of the exchange rate with the aim of gradually eliminating the gap between the official exchange rate and the black-market rate.
Angola: Inflation accelerates notably in September
October 15, 2018
Consumer prices in the province of Luanda soared 5.0% in September from the previous month, well above the 1.2% increase recorded in August.
Angola: Economic sentiment slips in the second quarter
September 28, 2018
The economic climate indicator (ICE, Indicador de Clima Económico) published by the Statistical Institute fell slightly from minus 14 points in the first quarter to minus 15 points in the second quarter of this year.
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