Fitch revises Angola outlook to stable

Fitch Ratings said it revised the outlook on Angola to stable from positive and affirmed its B- long-term foreign-currency issuer default rating.

The stable outlook reflects “weaker economic growth prospects, expected higher inflation and an increase in government debt/GDP as a result of the sharp depreciation of the Angolan kwanza,” Fitch said in a press release.

“Fitch forecasts inflation to average 14.7% in 2023 and increase to 17.1% in 2024, having previously expected it to fall to single digits in 2024, owing to the depreciation of the kwanza, particularly given the country's reliance on imported food,” the agency said.

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