In a note sent to customers on the evolution of the national economy, BFA writes that "the economy should continue to fall this year due to the effects of the drastic reduction in oil revenues, to about half compared to 2019".
Thus, "the IMF points to a recession of 1.4 per cent and expectations are for a more severe scenario", state the analysts.
Lusa questioned the research office about the concrete value for the recession forecast for this year, but there is still no concrete forecast for negative growth for Angola in 2020.
Last year Angola's economy registered its fourth year of contraction, registering a recession of 0.9 percent of Gross Domestic Product (GDP), according to preliminary data from the National Statistics Institute (INE).
"The GDP of the fourth quarter of 2019, in year-on-year terms, varied/receded 0.8 percent against the same quarter of 2018, and the preliminary annual GDP, resulting from the four quarters of 2019, varied/receded 0.9 percent against 2018," the note read on INE's website.
According to data released by the statistical authority, the country thus registered the fourth consecutive year of recession, after having achieved falls since 2016, and is expected to contract again this year, with the Government estimating a fall of 1.2 per cent and the IMF forecasting a fall of 1.4 per cent.
In the data presented, INE also revised downwards the negative growth of 2018 to -2 percent instead of the -1.2 percent it had previously estimated, which means that between 2015 and 2019 Angola's GDP fell 5.5 percent.
