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 has come under yet more pressure following two consecutive years of contractions. Weak consumer demand, poor agricultural performance and lower oil output will drag real GDP markedly lower in 2018. That said, economic activity should firm from next year. Oil output will receive a boost from Total’s Kaombo project ramping up operations. The non-oil economy should also perform slightly better, but we expect this rebound to be a gradual process. Inflation will remain elevated and Luanda’s consolidation drive limits the potential for countercyclical fiscal policy. (Source: Angola Quarterly Update, published November 2018.)
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)
-4.2
19.5
1.3
-3.9
3,184
6.0
30.8
48.0