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Balance of Payments and International FDI Position in Angola: FY2019/20
Angolan merchandise export earnings have been recovering from the period of low commodity prices from 2014 to 2016. The growth in exports has not supported a recovery in gross official reserves due to a persistent balance of payments deficit. The balance of payments deficit has been worsened by persistent inward and outward foreign direct investment (FDI) outflows since 2016. Although these capital outflows have been adverse for Angola’s balance of payment, they have improved the country’s net international FDI position. Nevertheless, Angola’s balance of payments deficit is projected to narrow before recovering to a small surplus in 2022. This is projected to support a recovery in gross official reserves in the medium-term.