GDP in Angola
Angola - GDP
Economy contracts again in Q2
The economy contracted 0.1% on an annual basis in the second quarter, following the previous quarter’s revised 0.3% dip (previously reported: -0.4% year-on-year), according to national accounts data released by Angola’s Statistical Institute (INE) on 15 October.
The all-important Angolan oil sector, which accounts for around one-third of GDP, once again drove the overall contraction amid sliding domestic oil production. That said, the decline in oil sector activity moderated further in Q2 and was the softest since Q4 2017, seemingly thanks to higher global crude prices. Meanwhile, output shrank in the commercial sector at the strongest pace in a year, while construction activity growth plummeted. On a more positive note, momentum in the agricultural sector improved somewhat in Q2.
Looking ahead, prospects remain bleak for the remainder of this year, amid downbeat oil production and volatile global crude prices. Growth should rebound next year, however, against the backdrop of ongoing economic reforms and support from the IMF. That said, external headwinds and weak domestic oil production are set to limit the recovery.
FocusEconomics panelists see GDP growing 1.2% in 2020, which is down 0.1 percentage points from last month’s forecast. In 2021, growth is projected to reach 1.9%.
Angola - GDP Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, annual variation in %) | 4.8 | 0.9 | -2.6 | -0.1 | -1.2 |
Angola GDP Chart
Source: National Statistical Institute of Angola
Angola Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 479.0 | 0.0 % | Jan 01 |
| Stock Market | 0.1 | 0.0 % | Jan 07 |
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Economic News
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Angola: Cabinda crude oil prices plummet in January; Angolan oil production edges down
February 17, 2020
The average price of Angola’s Cabinda crude fell to USD 65.8 per barrel (pb) in January, from USD 69.4 pb in December, after two consecutive months of rising prices.
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Angola: Central Bank stands pat in January
January 27, 2020
At its 27 January meeting, the Monetary Policy Committee (MPC) of the National Bank of Angola (BNA) kept the key policy rate unchanged at 15.50%.
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Angola: Inflation jumps in December amid currency pressures
January 17, 2020
Consumer prices in the province of Luanda rose 1.9% from the previous month in December, accelerating from November’s 1.5% result, and marking the strongest increase since September 2018. Meanwhile, inflation in the province of Luanda jumped to a four-month high of 17.1% in December, from 16.6% in November.
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Angola: Both Cabinda crude oil prices and Angolan oil production jump to seven-month highs in December
January 17, 2020
The average price of Angola’s Cabinda crude rose to USD 69.4 per barrel (pb) in December, from USD 64.7 pb in November.
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Angola: Economic sentiment slips in Q3
December 13, 2019
The economic climate indicator (ICE, Indicador de Clima Económico) published by the Statistical Institute weakened to minus 7 points in the third quarter from minus 5 points in the second quarter, which had marked the best reading in four years.
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