Ver Angola


Consultant says that the spread of coronavirus may affect the national economy

The consultancy Capital Economics considered this Thursday that the negative impact of the new coronavirus Covid-19 may deepen Angola's economic difficulties, through a drop in revenues from oil exports, the main engine of the economy.


"The negative impact of coronavirus on the economy of Angola, through lower oil export revenues, has the potential to exacerbate the already difficult economic problems", reads a note sent to investors, and to which Lusa had access.

Analysts add that "economic activity in Angola has already been slow in recent months, and the effects of the coronavirus may exacerbate the constraints of the economy".

Oil production in the country dropped to 1.32 million barrels a day in January, but revenues have increased. "Although oil revenues probably increased in January, this is unlikely to continue into February due to the recent drop in oil prices due to fears about the coronavirus", say analysts.

Each $ 10 price drop costs 5 percent of the Gross Domestic Product (GDP) in lost oil revenues if the price decline continues for a year, writes Capital Economics, noting that Sonangol has even been forced to sell a shipment at a lower price "after Chinese importers canceled their purchase due to the closure of ports".

Regarding the non-oil economy, the outlook is also not encouraging: "Imports fell for the fifth consecutive month in October, pointing to anemic domestic demand", conclude the analysts.

The provisional balance of the Covid-19 coronavirus epidemic is 2800 dead and more than 82 thousand people infected, according to data reported by 48 countries and territories.

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