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.
There were some positive developments over the last quarter. The most recent national accounts data indicate that last year’s contraction could be less severe than initially estimated, whilst both the current and fiscal account balances surprised to the upside. Furthermore, it was announced in December that a new programme with the IMF is official, which holds upside potential for the medium to long term. However, the drop in international oil prices in Q4 and an environment of still relatively low prices prompted us to revise our economic growth forecast for 2019 downwards. Nonetheless, Angola is still forecast to exit contractionary territory this year. (Source: Angola Annual Country Profile, published March 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)
-2.0
19.7
9.4
-2.5
3,291.3
7.4
30.8
44.3