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.