Angola Economic Update, June 2014
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Washington, DC
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Descripción
Angola's economy decelerated in
2013 due to the weak performance of the oil sector but the
non-oil economy expanded rapidly. Similarly, lower oil
related export earnings and higher imports narrowed the
current account surplus. Enhancing export competitiveness
and implementing tax related reforms will reduce the
co-movement between the current account and the fiscal
account balances. Expanded agricultural output and lower
food import prices helped curb the inflation rate to a
single digit. While the non-oil economy expands, maintaining
the observed level of international reserves will help
shield the country from potential oil price fluctuations.
This economic update analyzes recent economic developments
in Angola and situates them in a medium-term global context.
It evaluates the implications of macroeconomic trends and
policy reforms in terms of the government's stated
development objectives.
Palabras clave
ACCOUNTING, ACCUMULATION OF CAPITAL, AGRICULTURAL COMMODITY, AGRICULTURAL OUTPUT, AGRICULTURE, ANNUAL GROWTH, ARBITRATION, ASSETS, AUCTION, AUCTION SYSTEM, BALANCE OF PAYMENTS, BANK ACCOUNTS, BANK BRANCHES, BANK LIQUIDITY, BANK LOANS, BANKING SECTOR, BENCHMARKING, BID, BINDING CONSTRAINT, BUDGETING, CAPACITY CONSTRAINTS, CAPITAL ACCOUNT, CAPITAL ACCOUNTS, CAPITAL ACCUMULATION, CAPITAL FLOWS, CAPITAL INFLOWS, CAPITAL INVESTMENT, CAPITAL STOCK, CASH TRANSFER, CENTRAL BANK, CENTRALIZATION, COMMERCIAL BANK, COMMERCIAL BANK CREDIT, COMMERCIAL BANKS, COMMODITY PRICE, COMMODITY PRICES, CONSUMER GOODS, CONTINGENT LIABILITIES, CORE INFLATION, CREDIT GROWTH, CURRENCY DEPRECIATION, CURRENT ACCOUNT, CURRENT ACCOUNT DEFICIT, CURRENT ACCOUNT SURPLUS, CURRENT ACCOUNT SURPLUSES, DEBT BURDEN, DEBT LEVELS, DEBT OVERHANG, DEFLATION, DEPOSITS, DEVELOPING COUNTRIES, DEVELOPMENT BANK, DEVELOPMENT POLICY, DEVELOPMENT STRATEGIES, DOMESTIC BANK, DOMESTIC BOND, DOMESTIC CURRENCY, DOMESTIC DEMAND, ECONOMIC COMPETITIVENESS, ECONOMIC CONDITIONS, ECONOMIC DEVELOPMENTS, ECONOMIC GROWTH, ECONOMIC OUTLOOK, ECONOMIC POLICIES, ECONOMIC VALUE, EMERGING MARKET, EMERGING MARKETS, EQUITY MARKETS, EURO ZONE, EXCHANGE RATE, EXPENDITURE, EXPENDITURES, EXPORT COMPETITIVENESS, EXPORT EARNINGS, EXPORT GROWTH, EXPORTER, EXPORTERS, EXPORTS, EXPOSURE, EXTERNAL DEMAND, EXTERNAL FUNDING, EXTERNAL SHOCKS, FINANCIAL CRISIS, FINANCIAL INFRASTRUCTURE, FINANCIAL INSTITUTION, FINANCIAL MANAGEMENT, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL STABILITY, FINANCIAL SYSTEM, FISCAL BALANCES, FISCAL BURDEN, FISCAL DEFICIT, FISCAL POLICIES, FISCAL POLICY, FIXED INVESTMENT, FORECASTS, FOREIGN BANK, FOREIGN BANKS, FOREIGN CAPITAL, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN INVESTORS, FOREIGN MARKETS, GDP PER CAPITA, GLOBAL ECONOMY, GROWTH POTENTIAL, GROWTH RATE, GROWTH RATES, HUMAN CAPITAL, IMPORT, IMPORT PRICES, IMPORTS, INCOME, INFLATION, INFLATION RATE, INFLATION RATES, INFLATIONARY PRESSURES, INFRASTRUCTURE INVESTMENT, INSTITUTIONAL CAPACITY, INSTITUTIONAL INVESTORS, INTEREST PAYMENT, INTEREST RATE, INTERNATIONAL BANK, INTERNATIONAL CAPITAL, INTERNATIONAL CAPITAL MARKETS, INTERNATIONAL INVESTMENT, INTERNATIONAL MARKETS, INTERNATIONAL RESERVES, INTERNATIONAL STANDARDS, INVESTING, INVESTMENT PROCESS, INVESTMENT PROCESSES, INVESTMENT PROJECTS, INVESTMENT RATE, INVESTMENT RATES, INVESTMENT SPENDING, INVESTOR CONFIDENCE, LABOR FORCE, LEGAL FRAMEWORK, LENDERS, LIQUIDITY, LOAN, LOCAL CURRENCY, LONG-TERM LOANS, MACROECONOMIC STABILITY, MARGINAL COST, MIDDLE INCOME COUNTRIES, MONETARY FUND, MONETARY POLICY, MONEY SUPPLY, MORAL HAZARD, MUNICIPAL INVESTMENT, NATIONAL INCOME, NATIONAL SAVINGS, NET EXPORTS, OIL ECONOMY, OIL EXPORTERS, OIL EXPORTS, OIL PRICE, OIL PRICES, OIL RESERVES, OIL REVENUE, OPEN MARKET, OPEN MARKET OPERATIONS, OPPORTUNITY COST, POLITICAL STABILITY, PORTFOLIO, PORTFOLIO CAPITAL, PORTFOLIOS, POSTWAR PERIOD, POVERTY REDUCTION, PRICE FLUCTUATIONS, PRICE INDEX, PRICE INDEXES, PRICE INDICES, PRIVATE CONSUMPTION, PRIVATE INVESTMENT, PRIVATE INVESTMENTS, PRODUCTIVITY, PRUDENTIAL SUPERVISION, PUBLIC DEBT, PUBLIC EXPENDITURES, PUBLIC FINANCES, PUBLIC FUNDS, PUBLIC INVESTMENT, PUBLIC INVESTMENTS, PUBLIC SAVINGS, PUBLIC SPENDING, RAPID GROWTH, RATE OF RETURN, REAL GDP, REAL INVESTMENT, REGULATORY FRAMEWORK, RESERVE, RESERVE REQUIREMENTS, RESERVES, RETURNS, SAVINGS RATE, SECONDARY MARKET, SECURITIES, SLOWDOWN, SOVEREIGN DEBT, STOCKS, STRUCTURAL REFORMS, SUPPLY CAPACITY, TAX, TAX CODES, TAX REVENUES, TAX SUBSIDIES, TAX SYSTEM, TAX SYSTEMS, TOTAL FACTOR PRODUCTIVITY, TRADE BALANCE, TRADE POLICIES, TRADE VOLATILITY, TRADING, TRADING PARTNER, TRADING PARTNERS, TRANSPARENCY, TREASURY, TREASURY BONDS, UNEMPLOYMENT, UNEMPLOYMENT RATES, WAGES, WEALTH