## Angola: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola

_IMF Staff Country Reports, February 6, 2017_

## Source details

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## Bibliographic details
- Published: February 6, 2017
- Series: IMF Staff Country Reports

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### Background and shock
- 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.

### Real economy and sectoral outcomes
- 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.

### External sector and balance adjustments
- 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.

### Key statistics (as reported)
- 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

### Themes and policy-relevant issues highlighted
- 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.

*International 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*

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_Source: 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_