Angola Economic Outlook
June 21, 2022Economic conditions should have improved in Q1. Inflation eased amid a strengthening currency, which, coupled with the rollback of some Covid-19 restrictions, bodes well for household spending. Rising oil prices and production throughout Q1 likely supported government finances. A similar narrative is expected to be unfolding in Q2. Domestic and international anti-pandemic measures were further eased in early April. Additionally, price pressures continued to trend downwards through May, reaching an 18-month low in the month and supporting private consumption. Government finances are likely continuing to improve as well: The war in Ukraine has kept oil prices elevated through May, while production picked up pace. Meanwhile, the first-ever initial public offering occurred with the country’s largest private bank, which may encourage increased privatization.
Angola Economic GrowthThe economy is expected to gain momentum this year amid the rollback of Covid-19 restrictions, which should support domestic demand. Further, the oil sector should reap the benefits of high commodities prices and Western countries’ supply diversification away from Russia. However, uncertainty leading up to the August elections poses a downside risk. FocusEconomics panelists see GDP expanding 3.2% in 2022, which is unchanged from last month’s forecast. In 2023, the economy is seen growing 3.1%.
Angola Economy Data
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Angola Economic News
August 12, 2022
Consumer prices increased 0.81% in July over the previous month, ticking down from the 0.84% rise logged in June.
August 11, 2022
The average price for Cabinda oil eased to USD 119.4 per barrel (pb) in July, down from June’s USD 126.8 pb.
July 29, 2022
The National Bank of Angola’s Monetary Policy Committee stood pat at its 29 July meeting, leaving the basic interest rate at 20.00%.
July 15, 2022
The average price for Cabinda oil rose to USD 126.8 per barrel (pb) in June, up from May’s USD 114.6 pb.
July 15, 2022
Consumer prices increased 0.84% in June over the previous month, ticking down from the 0.92% rise logged in May.