Ver Angola


Fall in oil exports reduced Angolan current account by 64.2 percent in 2023

Angola's balance of payments current account contracted 64.2 percent in 2023 compared to 2022, despite recording a surplus of 4.2 billion dollars, due to the drop in oil exports.

: Facebook Ministério dos Recursos Minerais, Petróleo e Gás Angola
Facebook Ministério dos Recursos Minerais, Petróleo e Gás Angola  

The current account balance in 2022 represented 11,762.9 million dollars compared to 4,210 million dollars in 2023, a drop of 64.2 percent.

According to the note from the National Bank of Angola (BNA) on information from external statistics for 2023, consulted this Monday by Lusa, the current account surplus balance was equivalent to 4.5 percent of the Gross Domestic Product (GDP).

The decrease in exports of goods, especially crude oil, resulting from the 20.2 percent drop in the prices of Angolan raw materials, contributed to the unfavorable performance of the current account, despite a decrease in imports of goods and services (17.1 percent) and the deficit in primary (1.2 percent) and secondary (55.8 percent) income, according to the BNA.

The central bank stated, on the other hand, that the capital and financial account recorded, in this period, a reduction in its deficit by 49 percent, going from 7.8 billion dollars in 2022 to 3.9 billion dollars in 2023.

In relation to the net position of international investment, last year it recorded a reduction in its deficit by 1.2 billion dollars, "as a result of the reduction in liabilities with non-residents, despite the reduction in assets".

The BNA also highlighted that, of the main assets that Angola held in this period, reserve assets stood out, whose 'stock' stood at 14.7 billion dollars at the end of 2023, equivalent to eight months of imports of goods and services compared to 14.6 billion dollars in 2022.


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