Angola Weekly

Dear subscriber [name],

Here is this last week’s Angola Weekly.

Highlights:

From January through November 2020, oil exports fell by 5.0% year-on-year, averaging 1.30 million barrels per day (mbd);
Oil tax revenues fell 39.6%, when measured in Dollars, for a total of USD 6.2Bn;
In international markets, Brent closed the week just above USD 50 for the first time since March, supported by news of the kick off of vaccination campaigns in some countries;
Between January and November, retail banks bought USD 6.6Bn in foreign currency, from both the BNA and oil companies, about 22.7% less than in 2019;
Net International Reserves (NIR) stood at USD 8.6Bn in November - a decrease of USD 622 million compared to the previous month;
Economic sentiment worsened again in Q3 2020 to -24 points, the lowest value since Q1 2017;
On the other hand, the Industrial Production Index showed an annual increase of 2.3% in the sector's activity.

Best regards,
BFA

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