Economic Calendar: Key Data Releases
Angola’s economic data release schedule is essential for investors, analysts, and policymakers tracking the country’s macroeconomic trajectory. Unlike more developed markets with fixed release calendars published months in advance, Angola’s data releases can be irregular, with publication lags that sometimes exceed international norms. Angola X tracks all major releases and provides analysis upon publication.
Key Recurring Releases
Monthly
| Release | Source | Typical Timing | What to Watch |
|---|---|---|---|
| Consumer Price Index (CPI) | INE | Mid-month (for prior month) | Inflation trend, food vs core dynamics |
| FX Reserves | BNA | End of month | Reserve adequacy, import cover months |
| Monetary Aggregates | BNA | 4-6 weeks lag | Money supply growth, credit to economy |
| Oil Production | ANPG/OPEC secondary | Monthly, ~4 week lag | Production volumes, field-level data |
| FX Auction Results | BNA | After each auction | USD/AOA rate, FX supply-demand dynamics |
Quarterly
| Release | Source | Typical Timing | What to Watch |
|---|---|---|---|
| GDP (quarterly) | INE | ~90 day lag | Real growth, oil vs non-oil decomposition |
| Banking Sector Data | BNA | Quarterly reports | NPLs, capital adequacy, credit growth |
| Balance of Payments | BNA | ~3-4 month lag | Current account, trade balance |
| Budget Execution | MINFIN | Quarterly | Revenue vs target, spending composition |
Annual and Ad Hoc
| Release | Source | Typical Timing | What to Watch |
|---|---|---|---|
| National Budget (OGE) | MINFIN/Parliament | December (for next year) | Revenue assumptions, spending priorities |
| IMF Article IV Report | IMF | Annual (varies) | Independent debt sustainability assessment |
| Annual Inflation Report | INE | Q1 (for prior year) | Full-year inflation analysis |
| FDI Data | AIPEX/BNA | Annual, significant lag | Inflow volumes, sector allocation |
| Credit Rating Reviews | Moody’s, Fitch, S&P | Semi-annual | Sovereign rating and outlook changes |
BNA Monetary Policy Committee Meetings
The BNA’s Monetary Policy Committee (MPC) meets approximately every two months to set the policy rate. Meeting dates are not always published far in advance, but the pattern is typically bimonthly:
- Decisions are announced via BNA press release
- The rate decision, reserve requirement, and standing facility rates are the key outputs
- Market impact is primarily through government bond yields on BODIVA and FX expectations
Key Annual Milestones
- January: Previous year final CPI data, new budget takes effect
- March-April: Q4 GDP release, IMF/World Bank Spring Meetings (Angola bilateral consultations)
- June: Mid-year budget review, H1 fiscal execution data
- September-October: Q2 GDP release, IMF/World Bank Annual Meetings
- October-November: Draft OGE submitted to National Assembly
- December: Budget approval, year-end monetary policy assessment
Data Quality and Caveats
Investors should be aware of several data quality considerations:
- Publication lags: Angolan data typically arrives later than comparable emerging market countries, with GDP lags of 90+ days and BoP data lagging 3-4 months
- Revisions: INE frequently revises earlier data releases, sometimes substantially altering growth narratives
- Coverage gaps: Informal sector activity (estimated at 40-50% of true GDP) is poorly captured in official statistics
- Methodology changes: INE has been working to harmonize methodology with international standards, which can create discontinuities in time series
How to Use This Calendar
Angola X publishes analysis within 24 hours of each major data release, contextualizing the numbers within the broader macro framework. For real-time tracking of key indicators, the Economy Dashboard provides the latest available data across all major categories.