Key facts
- Angola's GDP grew 5.3% year-on-year in Q1.
- Angola's seasonally adjusted GDP rose 1.4% quarter-on-quarter.
- Zambia's fiscal deficit reached 1.83% of GDP in Q1.
- Zambia's fiscal deficit amounted to ZMW 16.9 billion in Q1.
- Morocco's trade deficit widened 18.4% to MAD 127.0 billion in Jan-Apr.
- Qatar recorded a budget deficit of $2.8 billion in Q1.
- Qatar's total revenues fell 23% year-over-year in Q1.
- Costa Rica's fiscal deficit narrowed to 3.4% of GDP by March.
- Costa Rica's debt-to-GDP ratio was 59.2% at the end of Q1.
Angola's economy expanded by 5.3% year-on-year in the first quarter, a performance driven by a strengthening services sector and a less severe contraction in oil output. Seasonally adjusted GDP saw a 1.4% increase compared to the previous quarter. In contrast, Zambia reported a fiscal deficit of ZMW 16.9 billion, equivalent to 1.83% of its GDP, for the first quarter. This deficit arose from revenue and grants falling short of targets, with Value Added Tax (VAT) collections being particularly weak. Expenditures were high, especially on transfers and subsidies, leading to domestic financing consuming 79.2% of the annual target within the first quarter alone.
Morocco's trade deficit widened significantly, increasing by 18.4% year-on-year to reach MAD 127.0 billion in the first four months of the year. This expansion was fueled by robust import growth across capital goods, consumer items, and energy. While exports in the automotive and aeronautics sectors performed strongly, weaker shipments of phosphates and textiles limited the overall export momentum. Qatar recorded a budget deficit of $2.8 billion in the first quarter, marking the fifth consecutive quarterly shortfall. Total revenues declined by 23% year-over-year, a situation attributed to the conflict in Iran.
Costa Rica presented a more positive fiscal picture, with its fiscal deficit narrowing to 3.4% of GDP on a 12-month rolling basis as of March. During the first quarter, revenues fell to 3.7% of GDP, while expenditures declined to 4.4% of GDP. By the end of the quarter, the country's debt-to-GDP ratio stood at 59.2%. The economic performance across these nations highlights a diverse range of fiscal and growth outcomes in the initial months of the year, influenced by sector-specific dynamics, commodity prices, and geopolitical factors.