Angola Weekly

Dear subscriber [name],

Here is this last week’s Angola Weekly.

Highlights:

According to BNA data, the current account showed a surplus of USD 5.1 billion (Bn) in 2019, down from USD 7.4 Bn recorded in the previous year;
The surplus is higher than we expected, a result of upward revisions of previous quarterly balances, and the absence of capital imports above normal in the last quarter of the year;
According to the Angolan central bank, Net International Reserves amounted to USD 10.9Bn in March, practically unchanged from February;
According to preliminary data from the Ministry of Finance, in 2019, the Angolan State again posted a budget surplus, around AOA 0.6 trillion, about 1.8% of GDP;
In 2020, the fall in oil prices will again put the accounts in the red: the Budget predicted a surplus of around 1.2% of GDP, but the impact of the crisis could cause a budget deficit between 4-5% of GDP;
In the international markets, there was a historic drop in the price of WTI, which reached USD -37.

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BFA

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