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October 2018
October 20th 2018
OIL SALES ACHIEVE MORE THAN 90% OF EXPORT EARNINGS BUT GROWTH PROSPECTS REMAIN WEAK
Negative impact from a strong inflation and political scenario on economy in 2017. 2018 shows a more positive environment thanks to commissioning of the Kaombo oil field (Total) in the summer. Oil sales, which account for more than 90% of export earnings, could benefit from higher oil prices. However, the dynamics of Chinese demand, in a context of a slowing economy is a risk. Investment in expensive offshore projects is expected to stagnate as oil operators limit their spending on the development of new ones since the fall of prices in 2014. Outside the oil sector, growth prospects remain weak. Excluding oil, the difficult business climate and corruption remain obstacles to increased foreign investment flows. The new private investment law, adopted in May 2018, should, nonetheless, help supporting such flows. The pre-requisite of domestic partnership for foreign investors was abolished and taxes were reduced in target areas, both measures increasing the country’s attractiveness. Expected to increase in 2018 thanks to higher prices and increased production, these revenues would allow the government to regain a little more breathing room.
In 2016 Angola exported $25.4B, making it the 65th largest exporter in the world. During the last five years the exports of Angola have decreased at an annualized rate of -13.7%, from $51.7B in 2011 to $25.4B in 2016. The most recent exports are led by Crude Petroleum which represent 88.8% of the total exports of Angola, followed by Diamonds, which account for 7.51%.
Source: COFACE
Top export destinations:
China 49%
USA 10%
India 7.1%
South Africa 5.0%
UAE 3.8%
Top import origins are:
China 17%
Portugal 17%
USA 8.5%
South Korea 5.6%
UK 5.1%
Source: https://atlas.media.mit.edu
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