{
  "title": "Angola: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola",
  "publication": "IMF Staff Country Reports, February 6, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/02/06/angola-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44628",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2017/02/06/angola-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44628",
  "overlayPath": "/en/publications/cr/issues/2017/02/06/angola-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44628/index.md",
  "summary": "This 2016 Article IV Consultation highlights that the oil price shock that started in mid-2014 has substantially reduced Angola’s fiscal revenue and exports. Growth was estimated to come to a halt in 2016, with the nonoil sector contracting by 0.",
  "publishDate": "2017-02-06",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Background and shock",
      "content": "- Oil price shock started in mid-2014 and has substantially reduced Angola’s fiscal revenue and exports.\n- Growth was estimated to come to a halt in 2016."
    },
    {
      "heading": "Real economy and sectoral outcomes",
      "content": "- Nonoil sector contracted by 0.5 percent in 2016, dragged down by the industrial, construction, and services sectors.\n- Industrial production was constrained by shortages of imported inputs owing to limited availability of foreign exchange, despite potential for import substitution."
    },
    {
      "heading": "External sector and balance adjustments",
      "content": "- The current account deficit peaked at 10 percent of GDP in 2015.\n- The current account deficit is projected to be halved in 2016–17, as imports continue adjusting to limited availability of foreign exchange."
    },
    {
      "heading": "Key statistics (as reported)",
      "content": "- Oil price shock onset: mid-2014\n- Growth: estimated to come to a halt in 2016\n- Nonoil sector growth: contraction of 0.5 percent (2016)\n- Current account deficit: peaked at 10 percent of GDP (2015)\n- Current account deficit: projected to be halved in 2016–17"
    },
    {
      "heading": "Themes and policy-relevant issues highlighted",
      "content": "- Exchange rates and foreign exchange availability: constrained imports and industrial input shortages point to foreign exchange allocation and market functioning as critical issues.\n- Fiscal stance and fiscal revenue: substantial reduction in fiscal revenue due to lower oil prices.\n- External debt and public debt: listed subjects indicating relevance to the report’s analysis of debt dynamics in the context of the shock.\n- Oil prices and inflation expectations: oil price developments are central to the macroeconomic outlook.\n\nInternational Monetary Fund. African Dept. \"Angola: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola\", IMF Staff Country Reports 2017, 039 (2017), accessed 9/18/2026\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/02/06/angola-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44628"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2017/02/06/angola-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44628/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2017/02/06/angola-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44628/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2017/02/06/angola-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44628/bundle-manifest.json)",
    "Published: February 6, 2017",
    "Series: IMF Staff Country Reports",
    "Oil price shock started in mid-2014 and has substantially reduced Angola’s fiscal revenue and exports.",
    "Growth was estimated to come to a halt in 2016.",
    "Nonoil sector contracted by 0.5 percent in 2016, dragged down by the industrial, construction, and services sectors.",
    "Industrial production was constrained by shortages of imported inputs owing to limited availability of foreign exchange, despite potential for import substitution.",
    "The current account deficit peaked at 10 percent of GDP in 2015.",
    "The current account deficit is projected to be halved in 2016–17, as imports continue adjusting to limited availability of foreign exchange.",
    "Oil price shock onset: mid-2014",
    "Growth: estimated to come to a halt in 2016",
    "Nonoil sector growth: contraction of 0.5 percent (2016)",
    "Current account deficit: peaked at 10 percent of GDP (2015)",
    "Current account deficit: projected to be halved in 2016–17",
    "Exchange rates and foreign exchange availability: constrained imports and industrial input shortages point to foreign exchange allocation and market functioning as critical issues.",
    "Fiscal stance and fiscal revenue: substantial reduction in fiscal revenue due to lower oil prices.",
    "External debt and public debt: listed subjects indicating relevance to the report’s analysis of debt dynamics in the context of the shock.",
    "Oil prices and inflation expectations: oil price developments are central to the macroeconomic outlook.",
    "**Country Report**"
  ],
  "related": [
    {
      "title": "Country Report",
      "role": "report",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2017/cr1739.pdf",
      "summary": {
        "path": "/-/media/files/publications/cr/2017/cr1739.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/cr/2017/cr1739.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2017/02/06/angola-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44628/index.md",
    "json": "/en/publications/cr/issues/2017/02/06/angola-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44628/index.json",
    "bundleManifest": "/en/publications/cr/issues/2017/02/06/angola-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44628/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-23T10:06:13.019Z"
}