Angola Economic Outlook
February 25, 2020The economy appears to have remained trapped in recession in the fourth quarter of 2019 after contracting at the sharpest rate in a year in the third quarter. Activity in the all-important oil sector seemingly shrank again in Q4 as slumping domestic output likely outweighed higher global crude prices compared to Q3. Adding to the slew of negative news, a depreciating kwanza boded ill for household spending in the final quarter of 2019, thus curbing domestic demand growth. Turning to Q1 2020, available data continues to paint a gloomy picture. Both Angolan oil output and global crude prices fell in January, suggesting the oil sector increasingly dragged on overall economic activity. In other news, S&P Global Ratings downgraded the outlook for its B- credit rating to negative from stable, citing concerns over high government debt and the risk of larger twin deficits.
Angola Economic GrowthThe 2020 growth outlook was chopped again in February against the backdrop of sliding global oil prices and deteriorating global demand for black gold. That said, the economy should emerge from recession this year, supported by ongoing economic reforms and IMF assistance, which should prop up domestic demand and accelerate diversification away from the oil sector. FocusEconomics panelists see GDP growing 0.4% this year, which is down 0.2 percentage points from last month’s forecast. In 2021, growth is seen accelerating to 1.8%.
Angola Economy Data
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Angola Economic News
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.
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%.
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.
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.
December 13, 2019
Consumer prices in the province of Luanda rose 1.5% from the previous month in November, edging up from October’s 1.4% increase.