Flash Note nº 8

Dear subscriber [name],

We are sending our most recent Flash Note.

Highlights:

The Angolan economy remains highly dependent on oil exports, as they are the source of almost all foreign exchange. In this sense, its influence on the external balance of the economy, and therefore on the exchange rate, make economic diversification imperative.
According to tax authority data, in addition to oil and diamond goods, and also excluding sales of machines and their parts that may very likely be attributed to the resale of products used by the oil industry that are re-exported, there are 3 goods that have figured for some time now in the largest non-oil exports.
With the development of Agriculture in recent years, there was an opportunity to start using production surpluses in small food processing industries, which have shown some growth, albeit from a very low base.
The diversification of exports is not yet a reality: adding all the goods mentioned, in 2022 they represented only 7.3% of diamond sales abroad, and only 0.4% of all crude oil exports.

Best regards,
BFA

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