Angola continues to face a challenging macroeconomic environment since the sharp drop in oil prices in 2014. A real GDP contraction of 0.1% is estimated for 2019, indicating that the recession has not yet ended. Even so, there are signs of recovery, and growth of 2.8% is predicted for 2020. The oil price shock of 2014 reduced oil revenues from 35.3% of GDP to 17.5% in 2017, leaving an estimated fiscal deficit of 0.1% of GDP in 2019. The value-added tax adopted in 2019 should broaden the tax base and reduce government dependency on oil-related revenues.
Credit distributed to private sector in 2016 represents $ 19 billion.