Angola Weekly

Dear subscriber [name],

Here is this last week’s Angola Weekly.

Highlights:

The Angolan economy grew 0.6% qoq in the last 3 months of 2020, declining by 5.4% when compared to Q4 2019;
The Construction sector tumbled again, by 41.5% yoy, with activity in the sector decreasing 29.4% during the year – in direct terms, this had more impact on the GDP than the oil sector downturn;
In Q1 2021, oil exports recorded a sharp decrease in volume, by around 18%, averaging around 1.13 million barrels per day (mbd) according to the Ministry of Finance, well below its own 1.22 mbd expectations for this year;
Sonangol sold its stake in Puma Energy to Trafigura, a commodities trader, for USD 600 million, buying a series of company assets in Angola for the same amount, including 79 Pumangol service stations and a series of airport terminals;
Annual inflation fell slightly, from 24.85% in February to 24.77% in March;
The Kwanza depreciated again this week, 3.4% against the Dollar.

Best regards,
BFA

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