Analysis by Region - Emerging Markets - Angola

Analysis by Region - Emerging Markets - Angola

Angola's economic outlook has deteriorated over the past 12 months, owing to the underperforming domestic petroleum extraction sector, the fall in the global oil price, and a sharp correction in the value of the kwanza. While the extension of the privatisation drive, economic reforms, and increased diamond extraction underpin non-oil GDP growth, the outlook has darkened due to the kwanza's devaluation, which will raise inflation and curb consumption growth. We forecast real GDP growth to moderate to 1.7% in 2023 from 3.3% in 2022.