The current account of Angola’s balance of payments maintained a surplus in the first quarter of this year, with a balance estimated at US$ 4.715 billion, equivalent to 18.1 percent of Gross Domestic Product (GDP).
In its Balance of Payments and National Investment Position Report published Friday, National Bank of Angola (BNA) put at USD 278.6 million the deficit in the first quarter.
This represents an improvement compared to the previous quarter.
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In the previous quarter the said balance was stood at 1. 079 billion US dollars, according to the publication consulted by ANGOP.
The evolution of the current account owed to the increase in the surpluses in the goods account, despite the worsening of the deficit in the primary and secondary income accounts.
The balance of the goods account rose from USD 6. 878 billion in the fourth quarter of 2022 to USD 8. 910 billion in the above period, a significant increase attributed to the recovery of the average price of the main goods (raw materials) exported by Angola, like crude oil, gas and diamond.
Also in the period under review, the net international investment position also recorded an improvement in its deficit, which totaled USD 21. 069 billion, against USD 24. 478 billion in the previous quarter.
Contrary to the surplus recorded in the balance of payments, the current and financial account registered a deficit of USD 4. 162 billion, against a deficit of USD 2. 923 billion in the previous quarter, which represents a depreciation of its balance of 42.4%.
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According to BNA, all categories of the current account had a negative performance, with stress to other capital and direct investment, with a weight of 50% and 30%, respectively.
The other capital deficit was influenced by trade credits designed for non-residents.
However, the reduced recovery of investments in the oil sector “pushed” down the balance of direct investment, which was USD 1.358 billion against the USD 1.480 billion deficit of the previous period.
