Luanda – Angola’s current account recorded a surplus of 4.2 billion US dollars, equivalent to 4.5 percent of the gross domestic product (GDP) in 2023, representing a contraction of 64.2 percent compared to the previous year, ANGOP has learnt.
According to the National Bank of Angola (BNA) information note on External Statistics – 2023, the decrease in exports of goods, especially crude oil, due to the 20.2% drop in the price of Angolan crude oil contributed to the unfavorable performance of the current account.
The Central Bank says there has also been a decrease in imports of goods and services (17.1 per cent), the deficit in primary income (1.2 per cent) and secondary income (55.8 per cent).
The capital and financial account saw a 49.0 percent reduction in its deficit, from 7.8 billion dollars in 2022 to 3.9 billion dollars in 2023, mainly due to the behavior of medium and long-term capital and foreign direct investment flows.
According to the document, the net position of international investment in 2023 saw a 1.2 billion US dollars reduction in its deficit, as a result of the reduction in liabilities to non-residents, despite the reduction in assets.
The BNA adds that the country's main financial assets, reserve assets stand out, whose stock stood at 14.7 billion US dollars at the end of 2023, equivalent to around 8 months of imports of goods and services, compared to 14.6 billion in 2022.HM/AC/AMP
