Angola Weekly

Dear subscriber [name],

Here is this last week’s Angola Weekly.

Highlights:

Angola posted a slight current account surplus in 2020, of USD 0.9 billion, about 1.5% of GDP, well below the USD 5.1Bn (6.1% of GDP) seen in 2019, but better than most expectations - the IMF anticipated a deficit around 0.6% of GDP;
The Kwanza's depreciation in 2020 caused yet another very significant decline in imports of goods, saving USD 4.6Bn in FX compared to 2019;
Considering the USD 2.4Bn drop in gross international reserves last year, which corresponds to a balance of payments deficit, the financial account saw a USD 3.3Bn deficit in 2020;
ENI announced a light oil discovery in Block 15/06, in the Cuica field, with an expected production capacity of 0.01 million barrels per day;
In the foreign exchange market, the Kwanza has been relatively stable, both in formal and informal trading.

Best regards,
BFA

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