Angola’s GDP decreasesby 2.2% in the first quarter of 2018

29 August 2018

Angola’s Gross Domestic Product (GDP) decreased by 2.2% in the first quarter of the year, compared to the same period of 2017, according to figures released on Tuesday by Angola’s National Statistics Institute (INE).


Variations in the activities of Fisheries (-12.8%), Trade (-8.8%), Oil Extraction and Refining (-7.3%) and Extraction of Diamonds and other minerals (-6.7%) in the first three months of 2017 are, according to INE, the main reasons for the fall in Angola’s GDP.


Oil Extraction and Refining is still the main activity that makes up Angolan GDP, accounting for one third (33%) of this value, followed by Trade with 15% and Construction with 12%.


Angola is the second largest oil producer in Africa, providing about 1.6 million barrels of crude oil per day.


Compared with the first quarter of 2017, Financial Intermediation and Insurance (+22.5%) and Electricity and Water (+20.8%) were the categories with the greatest increase.


In June, Angolan Finance Minister Archer Mangueira said he expects growth of 2.2% of GDP by 2018. (macauhub)