Gross credit to the Angolan non-financial sector grew 25% in August

Gross credit to Angola’s non-financial sector surged by 25% in August 2023 compared to the same period in 2022, reaching 7.3 trillion kwanzas (€6.9 billion), the National Bank of Angola (BNA) announced on September 26. The private sector, including businesses and individuals, accounted for 87.8% of this credit, while the remaining portion was attributed to public sector debt, covering public administration and state-owned companies.
According to the BNA’s statistical report, the stock of credit to the economy in local currency stood at 5.1 trillion kwanzas (€4.8 billion) in August, marking a 549.2 billion kwanza (€523 million) increase since December 2022. During this period, non-financial public sector debt amounted to 884.9 billion kwanzas (€843 million), with 62.2% linked to public administration and 37.8% to state-owned enterprises.
Gross credit to the real economy reached 1.35 trillion kwanzas (€1.2 billion) in August, up by 24.18 billion kwanzas (€23 million), primarily driven by loans to the extractive industries. Total credit directed toward promoting the real sector totaled 1.08 trillion kwanzas (€1 billion), accounting for 79.84% of all credit to this sector and 16.25% of the gross credit portfolio in Angola’s banking system, an increase of 11.88% compared to the same period last year.

About Geraldine Boechat 2850 Articles
Senior Editor for Medafrica Times and former journalist for Swiss National Television. former NGO team leader in Burundi and Somalia