12 °c
London
Saturday, September 23, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Economy

Standard Bank estimates inflation drop in Angola in around 16.1%

FurtherAfrica by FurtherAfrica
June 28, 2022
in Africa, Angola, Economy
Reading Time: 2 mins read
971 10
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

The Standard Bank-Angola estimates that the annual inflation in the country is to go down around 16.1% until the end of the year, after a peak of 27.7% in January and 24.4% in May, this year.

The studies of the bank published Wednesday show considerable progress of Angola, towards economic stabilization, embodied in the control and inflation reduction in the strengthening of the national currency (kwanza) which has gained some positive trend, that is 28.2% appreciation in relation to the dollar (USD) since the beginning of the year and 49.2% in the previous year.

However, the report presents as a key factor the price of a barrel of oil, which has stood above 100 dollars since the beginning of the year, as a major contribution to the stabilization and growth forecast of the Gross Domestic Product (GDP).

Also read: TechnipFMC awarded Angola offshore subsea contract

“Despite the pandemic and the impact of global measures to reduce carbon emissions, Angola managed to mobilize investments in the oil sector to stabilize production, which has been decreasing since 2016”, according to what the bank understands.

At the same time, the Standard Bank shows that the reduction of taxes on essential products and the implementation of a Strategic Food Reserve, since the beginning of the year, have also contributed to inflation reduction.

In thel institution´s view, the macroeconomic situation and the prospects for Angola, point to a set of positive developments for the national economy, despite challenges as well.

The report which was presented by Fáusio Mussá, Chief Economist at Standard Bank for Angola and Mozambique, states that the results are being achieved due to the implementation of structural reforms still in progress in the country.

Also read: Angola TAAG to open Luanda-Madrid route

“Angola has successfully implemented, since 2018, a set of economic reforms, supported by the International Monetary Fund (IMF), such as currency stability, inflation reduction, public accounts balance and public debt reduction”, said the specialist.

For this bank, the maintenance of the fuel subsidy has contributed to the reduction of inflation, despite being a temporary measure, as it distorts economy prices.

Meanwhile, standard Bank-Angola, with a commercial network of 19 branches and three company centres, is present in Cabinda, Luanda, Cuanza Sul, Benguela, Huíla, Huambo and Namibe provinces.

Related

Source: Angop
Tags: Angolaannual inflationBenguelaCabindacarbon emissionsCuanza SulFáusio MussáFeatureHuamboHuilaIMFInternational Monetary FundInvestmentsLuandaNamibeStandard Bank ANGOLAStandard Bank estimates inflation drop in Angola in around 16.1%Strategic Food Reserveанголаأنغولاアンゴラ安哥拉
ScanSendShare392Tweet245Share69Pin88Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Weekend

6 stunning beaches in Egypt to visit in 2023

by See Africa Today
September 23, 2023
The Forbes Billionaires’ list: Africa’s richest people 2022
Development

Opportunity through adversity: 8th annual Africa risk-reward index

by Rafael Carvalho
September 23, 2023
Tech

Elon Musk’s Starlink is off to a bright start in Africa

by The Exchange
September 22, 2023
Africa

Nigeria’s smart city dream gets US$200M boost from Afreximbank

by The Exchange
September 22, 2023
Tech

Kenya seeks partnership with Apple

by Web3Africa
September 22, 2023
Mozambique eVisa
 
MozParks

Translate this page

Read the Latest

Weekend

6 stunning beaches in Egypt to visit in 2023

by See Africa Today
September 23, 2023
0

Nestled along the Red Sea and the enchanting coastlines of the Mediterranean Sea, Egypt has some of the best beaches...

Read more
The Forbes Billionaires’ list: Africa’s richest people 2022

Opportunity through adversity: 8th annual Africa risk-reward index

September 23, 2023

Elon Musk’s Starlink is off to a bright start in Africa

September 22, 2023

Nigeria’s smart city dream gets US$200M boost from Afreximbank

September 22, 2023

Kenya seeks partnership with Apple

September 22, 2023

FurtherAfrica Partners Network

The Exchange Farmers Review Africa 360 Mozambique
TechGist Africa Energy Capital & Power Club of Mozambique
Taarifa Rwanda Web3Africa See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa  

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 107.3K other subscribers
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?