Angola Economic Outlook
November 14, 2017The speed at which the new president has been initiating measures to jumpstart growth in the economy has caught analysts by surprise. Following his inauguration in late September, President João Lourenço has vowed to dismantle state monopolies and has reshuffled key government positions including the Central Bank governor and the secretary of state for oil. While it is uncertain if the president will succeed in pushing through deep-seated reforms, the changes were promising. They coincided, however, with a credit rating downgrade from B2 to B1 by Moody’s on 20 October. The agency noted that the country’s growth outlook remains constrained, despite higher oil prices. Furthermore, persistent weaknesses and imbalances in the economy such as a foreign currency shortage and a weak banking sector have been exacerbated by an increasing debt burden, which has nearly doubled in four years and could rise even further if the kwanza is devalued.
Angola Economic GrowthThe Angolan economy is set to recover moderately in 2018 and 2019 amid higher oil prices. Nevertheless, growth is set to remain constrained as the non-oil sector remains plagued by market distortions, namely FX shortages. Met the why particular panelists expect GDP to expand 2.5% in 2018, which is down 0.1 percentage points from last month’s forecast. For 2019, growth is expected to reach 2.8%.
Angola Economy Data
5 years of Angola economic forecasts for more than 30 economic indicators.
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Angola Economic News
November 14, 2017
Consumer prices in the province of Luanda rose 2.98% in October from the previous month, coming in above September’s 2.54% month-on-month increase.
November 9, 2017
At its 1 November monetary policy meeting, the National Bank of Angola (Banco Nacional de Angola, BNA) decided to keep the Basic Reference Rate on hold at its record high of 16.00%.
October 13, 2017
Consumer prices in the province of Luanda rose 2.54% in September from the previous month, coming in above August’s 1.66% month-on-month increase.
October 13, 2017
The average price of Angola’s Cabinda crude oil increased from USD 52.1 in August to USD 56.8 in September.
September 18, 2017
The average price of Angola’s Cabinda oil increased from USD 48.6 in July to USD 52.1 in August.