Key facts
- Angola's GDP grew 5.3% year-on-year in Q1.
- Morocco's trade deficit widened 18.4% to MAD 127.0 billion in Jan-Apr.
- Zambia's fiscal deficit reached ZMW 16.9 billion (1.83% of GDP) in Q1.
- Qatar's budget deficit was $2.8 billion in Q1.
- Costa Rica's fiscal deficit narrowed to 3.4% of GDP by March.
- Angola's seasonally adjusted GDP rose 1.4% quarter-on-quarter in Q1.
- Zambia's VAT collections fell short of targets in Q1.
- Domestic financing in Zambia consumed 79.2% of the annual target in Q1.
- Morocco's imports grew strongly across capital goods, consumer items, and energy in Jan-Apr.
- Costa Rica's debt-to-GDP ratio was 59.2% at the end of Q1.
In the first quarter, economic indicators across several countries presented a mixed picture. Angola reported a year-on-year GDP expansion of 5.3%, attributed to a robust services sector and a less severe contraction in oil production. Seasonally adjusted, GDP increased by 1.4% compared to the previous quarter.
Morocco experienced a significant widening of its trade deficit, which grew 18.4% year-on-year to MAD 127.0 billion in the first four months of the year. This expansion was primarily fueled by strong import growth across capital goods, consumer items, and energy. While exports in the automotive and aeronautics sectors performed well, weaker shipments of phosphates and textiles limited the overall export momentum.
Zambia's fiscal deficit reached ZMW 16.9 billion, equivalent to 1.83% of its GDP, during the first quarter. Revenue and grants fell below targets, with Value Added Tax (VAT) collections being particularly weak. Expenditures remained high, especially on transfers and subsidies. The country has already utilized 79.2% of its annual domestic financing target within this initial quarter.
Qatar recorded a budget deficit of $2.8 billion in the first quarter, marking the fifth consecutive quarterly shortfall. Total revenues saw a year-over-year decrease of 23%, a decline the sources attribute to the conflict in Iran.
In contrast, Costa Rica's fiscal deficit narrowed to 3.4% of GDP on a 12-month rolling basis as of March. Revenues declined to 3.7% of GDP in the first quarter, while expenditures decreased to 4.4% of GDP. By the end of the quarter, the nation's debt-to-GDP ratio stood at 59.2%.