LUANDA, Angola — Gross bank credit to Angola’s non-financial sector reached 9.2 trillion kwanzas in June 2026, marking a 15.6 percent year-on-year increase driven primarily by robust private sector borrowing, the National Bank of Angola (BNA) announced in a monthly report.
The total expansion represents an increase of approximately 1.2 trillion kwanzas compared to June 2025. According to data released by the BNA’s Department of Statistics, private sector borrowing accounted for 85.0 percent of total gross credit, while the public sector made up the remaining 15.0 percent.
“In June 2026, gross credit to the non-financial sector reached 9.2 trillion Kwanzas, registering an increase of about 1.2 trillion Kwanzas (15.6%), compared to the same period last year,” the central bank stated in its report.
The credit stock in local currency hit 7.3 trillion kwanzas during the month, growing 12.5 percent, or 807.0 billion kwanzas, year-on-year.
Private Sector and Household Borrowing Surge
Private sector debt—comprising non-financial private companies and individual households—expanded 13.7 percent over the 12-month period, rising from 6.9 trillion kwanzas in June 2025 to 7.8 trillion kwanzas in June 2026.
Private Corporate Debt: Non-financial private business credit grew by 8.3 percent (451.1 billion kwanzas) to reach 5.9 trillion kwanzas.
Household Debt: Individual credit experienced a sharp increase, surging 29.8 percent (448.5 billion kwanzas) to total 2.0 trillion kwanzas.
Public sector borrowing reached 1.4 trillion kwanzas in June, expanding by 341.5 billion kwanzas compared to the previous year. Public administration accounted for 66.1 percent of total public debt, while state-owned enterprises made up 34.9 percent.
Real Economy Financing Gains Momentum
Credit directed toward the real economy jumped 30.3 percent year-on-year to total 2.0 trillion kwanzas, an increase of 455.6 billion kwanzas. Central bank analysts attributed this rise largely to the performance of extractive industries, which experienced a 47.0 percent expansion (261.6 billion kwanzas).
Targeted central bank initiatives under BNA Notice No. 10/2024 played a central role in funneling capital to key economic sectors. Total credit extended under these special incentive guidelines reached 1.4 trillion kwanzas, representing 71.3 percent of all credit to the real economy and 15.6 percent of the banking system’s gross credit portfolio.
“Total credit granted under BNA Notice No. 10/2024 for the promotion of the Real Sector stood at 1.4 trillion Kwanzas, representing 71.3% of total credit granted to this sector,” the BNA noted, highlighting that gains in manufacturing and agriculture offset contractions in extractive industry financing under the incentive program.
Sector Breakdown of Real Economy Lending
Manufacturing Industry: Remained the largest recipient of real sector credit, totaling 845.3 billion kwanzas (43.1 percent of the real sector credit stock). Of this, 93.5 percent (790.6 billion kwanzas) was issued under BNA incentive notices.
Extractive Industry: Accounted for 818.4 billion kwanzas (41.7 percent of real sector credit), with 38.4 percent (314.5 billion kwanzas) provided through BNA credit-promotion schemes.
Agriculture, Livestock, Forestry, and Fisheries: Received 298.0 billion kwanzas (15.2 percent of real sector credit). Nearly all funding in this category—98.6 percent (293.8 billion kwanzas)—was issued under BNA incentive frameworks.
