Current Account in Angola

Angola Current Account | Economic News & Forecasts

Angola - Current Account

The 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

2013  2014  2015  2016  2017  
Current Account (% of GDP)6.0  -2.6  -8.8  -3.0  -0.5  

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Angola Current Account Chart

Angola Current Account
Note: Current account balance as % of GDP.
Source: Central Bank of Angola

Angola Facts

Exchange Rate345.80.0 %Jul 11
Stock Market0.10.0 %Jul 11

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