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 continues to face headwinds. Oil production was roughly 6.9% lower during 2018 H1 compared to average output in 2017, while economic climate indices remain firmly stuck in negative territory. This prompted a sharp downward revision in our growth forecast. We nonetheless expect the economy to exit the recession in 2018, with growth driven by increased fiscal expenditure, lower inflation easing some of the pressure on disposable income levels and oil production rebounding slightly in H2 due to new projects coming online by mid-year. (Source: Angola Quarterly Update, published August 2018.)
Macroeconomic Data
(2017)
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)
-5.6
29.8
-0.8
-2.5
4,134
7.4
29.8
35.4