GDP in Angola
Angola - GDP
Economy returns to growth in Q4 2018
The economy returned to growth in the final quarter of 2018, according to national accounts data released by the Statistical Institute (INE) on 17 April. The economy expanded 2.2% on an annual basis in Q4, rebounding solidly from a poor third-quarter outturn (Q3: -1.6% year-on-year). However, for the year as a whole, GDP still shrank 1.2%, more severely than the 0.1% contraction logged in 2017.
The all-important Angolan oil sector, which accounts for a third of GDP, continued to deteriorate as output tumbled 9.6% year-on-year in Q4. That said, the decline was somewhat softer than that recorded in Q3 (Q3: -11.6% yoy). This, alongside the sharp pick-up in activity in the construction and commerce sectors compared to their near-stagnant growth in Q3, was largely behind the fourth-quarter upturn.
Looking ahead, the economy is expected to exit its three-year long recession this year, mainly on the back of more upbeat domestic demand. Angola is also undergoing reforms to address macroeconomic imbalances as part of the IMF loan program approved back in December, which should also bode well for near-term prospects. The economy’s high dependence on the oil industry remains a major downside risk to the outlook, however, as potential disruptions in production and/or lower oil prices would adversely impact external and fiscal accounts.
FocusEconomics panelists see GDP expanding 1.9% in 2019, which is down 0.4 percentage points from last month’s forecast, and 2.3% in 2020.
Angola - GDP Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, annual variation in %) | 5.0 | 4.8 | 0.9 | -2.6 | -2.5 |
Angola GDP Chart
Source: National Statistical Institute of Angola
Angola Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 340.1 | 0.0 % | Jun 20 |
| Stock Market | 0.1 | 0.0 % | Jun 20 |
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Economic News
Angola: Cabinda crude oil price growth halts; Angolan production remains at over 12-year low in May
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.
Angola: Inflation remains stable 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.
Angola: Economic sentiment improves in Q1
June 12, 2019
The economic climate indicator (ICE, Indicador de Clima Económico) published by the Statistical Institute improved from minus 12 points in Q4 2018 to minus 9 points in Q1 2019.
Angola: Central Bank cuts the key policy rate to three-year low in May
May 24, 2019
At its meeting on 24 May, the Monetary Policy Committee (MPC) of the National Bank of Angola (BNA) cut its the key policy rate by 25 basis points to 15.50%, the lowest since May 2016.
Angola: Cabinda crude oil prices surge to six-month high in April amid a slight rebound in Angola’s output
May 17, 2019
The average price of Angola’s Cabinda crude oil rose from USD 66.8 per barrel (pb) in March to a six-month high of USD 72.2 pb in April.
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