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Country Report Angola Product Image

Country Report Angola

  • Published: July 2014
  • Region: Angola
  • 24 Pages
  • The Economist Intelligence Unit

Lower than forecast oil output and slowing agricultural expansion will depress GDP growth this year, according to the IMF.

On July 15th the IMF issued a preliminary statement on its article IV consultations with Angola. This flagged up a number of potential areas of concern, chiefly arising from moderating oil output. Because the country is so dependent on oil for its income, a drop in production has an almost immediate impact on revenue. Lower than expected revenue is undermining the central budget and in recent months has also affected the parallel-market exchange rate because of a shortage of dollars in the banking system.

Twelve years on from the end of its three-decade civil war, Angola is still pouring large sums of money into public investment programmes to rebuild is infrastructure. This is being done to enable the non-oil economy to develop and improve social conditions, but it comes at a cost, and the IMF has cautioned against over-spending when revenue is slipping, calling for a "more cautious fiscal stance" both to limit gross financing needs and to "save part of the oil wealth for future generations". The country registered a budget deficit in 2013 for the READ MORE >

Country Report Angola

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