Current Account in Angola
Angola - Current AccountThe economy appears to have lost significant steam in the first quarter, owing to a deteriorating oil sector. Oil output continued sliding in Q1, more than offsetting higher global crude prices. Merchandise exports consequently contracted notably, which, coupled with soaring imports, nearly completely erased the country’s current account surplus in Q1. Turning to the second quarter, the picture seems to have remained bleak. With activity in both the oil and non-oil sectors plummeting, the economic activity slid further into negative territory in April, pointing to worsening dynamics at the outset of the quarter. Moreover, the oil sector remained weak through the quarter, despite an uptick in production in May and June, as global oil prices fell in late May. Meanwhile, on 12 July, Fitch Ratings changed Angola’s outlook to negative from stable, while reaffirming a “B” credit rating. Worsening debt metrics, falling external reserves and a contracting economy drove the decision.
Angola - Current Account Data
|Current Account (% of GDP)||6.0||-2.6||-8.8||-3.0||-0.5|
5 years of economic forecasts for more than 30 economic indicators.
Angola Current Account Chart
Source: Central Bank of Angola
|Exchange Rate||345.8||0.0 %||Jul 11|
|Stock Market||0.1||0.0 %||Jul 11|
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July 18, 2019
Growth slipped back into negative territory at the outset of the year, according to national accounts data released by Angola’s Statistical Institute (INE) on 18 July.
July 15, 2019
Consumer prices in the province of Luanda rose 1.1% in June from the previous month, unchanged from May’s reading.
July 12, 2019
The average price of Angola’s Cabinda crude fell from USD 72.4 per barrel (pb) in May to USD 65.5 pb in June.
June 14, 2019
The average price of Angola’s Cabinda crude oil ticked up from USD 72.2 per barrel (pb) in April to USD 72.4 pb in May.
June 13, 2019
Consumer prices in the province of Luanda rose 1.1% in May from the previous month, unchanged from April’s reading.