GDP in Angola
Angola - GDP
According to preliminary national accounts data released by the Statistical Institute (INE) on 14 January, the economy remained in recession in the third quarter of 2018. Nevertheless, despite contracting 1.6% on an annual basis, the third-quarter reading marked a significant improvement from the second quarter’s sharp 4.5% dip (previously reported: -7.7% year-on-year), signaling that the recovery might be underway in 2019.
The all-important Angolan oil sector, which accounts for over a third of GDP, continued to deteriorate, declining 10.6% year-on-year in the third quarter (Q2: -8.4% yoy). In addition, the extraction of diamonds and other minerals fell 16.5% year-on-year in Q3, compared to a -6.1% drop in the previous quarter, while the agricultural, transport and fisheries sectors also posted annual contractions in the same quarter. On a more positive note, the manufacturing sector return to expansion in the quarter (Q3: +6.2% yoy, Q2: -8.0% yoy).
On a more positive note, on 7 December the IMF approved a USD 3.7 billion credit facility for Angola to support the Macroeconomic Stabilization Program. The program has three main goals: fiscal consolidation, which should help bring government debt to safer levels; greater exchange rate flexibility to regain competitiveness; and reducing inflation. The approval allowed for an immediate disbursement of around USD 990 million, with the rest of the funds scheduled to be phased in over a period of three years, subject to half-yearly reviews. Against this backdrop, growth is expected to resume this year, amid falling inflation and improving non-oil sector activity, before picking up further in the medium-term.
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
|Economic Growth (GDP, annual variation in %)||5.0||4.8||0.9||-2.6||-2.5|
5 years of economic forecasts for more than 30 economic indicators.
Angola GDP Chart
Source: National Statistical Institute of Angola
|Exchange Rate||313.3||0.0 %||Feb 14|
|Stock Market||0.1||0.0 %||Feb 13|
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February 18, 2019
The average price of Angola’s Cabinda crude oil rose from USD 56.6 per barrel (pb) in December to 59.5 pb in January.
February 14, 2019
According to the Statistical Institute (Instituto Nacional de Estadística), consumer prices in the province of Luanda rose 1.1% in January from the previous month, down from December’s 1.5% increase and marking the lowest print since February 2018.
January 25, 2019
At its meeting on 25 January, the Monetary Policy Committee (MPC) of the National Bank of Angola (Banco Nacional de Angola, BNA) lowered the key policy rate by 75 basis points to 15.75%.
January 18, 2019
The average price of Angola’s Cabinda crude oil fell from USD 65.3 per barrel (pb) in November to USD 56.6 pb in December.
January 15, 2019
According to the Statistical Institute (Instituto Nacional de Estadística), consumer prices in the province of Luanda rose 1.5% in December from the previous month, ticking up from November’s 1.4% rise.