Angola: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2025 Issue 062

Publication date: March 2025

ISBN: 9798229002851

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Topics covered in this book

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Exports and Imports , Finance , Inflation , Economics- Macroeconomics , Public Finance , Industries - Energy , Fiscal consolidation , Oil production , Oil prices , Financial sector stability , Energy subsidies , Exchange rates , Inflation , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Oil sector

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Summary

The economy recovered in 2024 as oil sector rebounded from its slump. However, fiscal consolidation efforts somewhat waned, auguring the start of a political cycle. Buffers built during the 2018–21 EFF—supported program are being eroded by fiscal slippages from higher capital expenditures and a slower fuel subsidy reform. Nevertheless, public debt relative to GDP declined in 2024, benefiting from high nominal GDP growth and debt repayments. High external debt service constrains development spending, while oil dependence represents a drag on sustainable growth. Inflation remains elevated, fueled by exchange rate depreciation, and import substitution measures that have restricted food supply. The National Development Plan 2023–27 remains the main element for the authorities’ diversification strategy.