Flash Note nº 9

Dear subscriber [name],

We are sending our most recent Flash Note.

Highlights:

• In the first quarter of 2023, the Angolan economy grew by 0.3% year-on-year;

• The non-oil economy shrank by 2.6 pp to 3.1% in Q1 2023, as a result of slower growth in agriculture and a weaker contribution from the transport and trade sectors;

• Data for the Q1 2023 for the oil sector are not very encouraging, being the second consecutive quarter of declines;

• We believe that non-oil economic activity will continue to grow, however, at a slower pace and we do not rule out a recession in Q3 2023.

Best regards,
BFA

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