Angola
Crude oil sales represent roughly 90% of total export earnings and 70% of fiscal revenues. As a result, the economic impact of the sharp drop in crude oil prices will be widespread.
The economy is estimated to have contracted by 0.2% y-o-y during H1 2019. We forecast that the economy will suffer another contraction in H2 as oil production averaged 1.39 million bpd in Q3 2019, which is a 11% decline compared to the Q3 2018 average. Meanwhile, recent developments in Angola’s political environment have helped to dispel any lingering doubts that the presidency of João Lourenço has ushered in genuine change and a new openness and transparency. (Source: Angola Quarterly Update, published December 2019.)
Macroeconomic Data
(2018)
Fiscal Balance (as a % of GDP)
Consumer Price Index (% change y-o-y, avg)
Current Account Balance (as a % of GDP)
Real GDP (annual % change)
GDP per Capita, US$
Import Cover (months)
Population, million
Total External Debt (as a % of GDP)
2.4
20.2
7.0
-2.1
3,429.8
7.1
30.8
44.4