{
  "title": "Angola: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola",
  "publication": "IMF Staff Country Reports, March 6, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/03/06/angola-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-530604",
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  "summary": "The 2022 Article IV Consultation discusses that Angola’s economy continued to recover from the coronavirus disease 2019 pandemic in 2022, supported by higher oil prices, improved oil production, and resilient non-oil activity.",
  "sections": [
    {
      "heading": "Economic recovery and growth",
      "content": "- Angola’s economy continued to recover from the coronavirus disease 2019 pandemic in 2022, supported by higher oil prices, improved oil production, and resilient non-oil activity.\n- Non-oil growth was broad based despite a challenging external environment.\n- Growth is estimated at 3.5 percent for 2023.\n- Overall growth is expected to continue in 2023 and reach about 4 percent in the medium term, as the authorities’ structural reform agenda supports the non-oil sector."
    },
    {
      "heading": "Fiscal position and public debt",
      "content": "- The non-oil primary deficit increased in 2022 following higher-than-budgeted capital expenditure and higher-than-expected fuel subsidy costs.\n- The public debt-to-gross domestic product (GDP) ratio fell by an estimated 17.5 percentage points of GDP to an estimated 66.1 percent of GDP, aided by a stronger exchange rate.\n- The 2023 budget envisions a resumption of fiscal adjustment, which is necessary to approach the authorities’ twin medium-term fiscal and debt targets and guard against debt vulnerabilities."
    },
    {
      "heading": "External sector and reserves",
      "content": "- The current account is estimated to have remained in a large surplus in 2022.\n- Foreign currency reserve coverage remained adequate in 2022."
    },
    {
      "heading": "Inflation and monetary outlook",
      "content": "- Inflation should continue its gradually declining path, reaching single digits in 2024.\n\n---\n\n Content in this bundle\n\n- 1agoea2023001\n  - 1agoea2023001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1agoea2023001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 6, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400236037.002",
    "Angola’s economy continued to recover from the coronavirus disease 2019 pandemic in 2022, supported by higher oil prices, improved oil production, and resilient non-oil activity.",
    "Non-oil growth was broad based despite a challenging external environment.",
    "Growth is estimated at 3.5 percent for 2023.",
    "Overall growth is expected to continue in 2023 and reach about 4 percent in the medium term, as the authorities’ structural reform agenda supports the non-oil sector.",
    "The non-oil primary deficit increased in 2022 following higher-than-budgeted capital expenditure and higher-than-expected fuel subsidy costs.",
    "The public debt-to-gross domestic product (GDP) ratio fell by an estimated 17.5 percentage points of GDP to an estimated 66.1 percent of GDP, aided by a stronger exchange rate.",
    "The 2023 budget envisions a resumption of fiscal adjustment, which is necessary to approach the authorities’ twin medium-term fiscal and debt targets and guard against debt vulnerabilities.",
    "The current account is estimated to have remained in a large surplus in 2022.",
    "Foreign currency reserve coverage remained adequate in 2022.",
    "Inflation should continue its gradually declining path, reaching single digits in 2024.",
    "**1agoea2023001**"
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