Angola’s economy contracted by 0.4% in the first quarter of 2019 compared to the same period of 2018, the National Statistics Institute (INE) said on Tuesday in Luanda.
The INE statement said that the downturn in Gross Domestic Product (GDP) growth is mainly due to Trade (-3.2%), Financial (-4.8%), Manufacturing (-6, 5%), Telecommunications (-6.8%) and Oil (-6.9%) activities.
The activities that contributed most to GDP in the first quarter of the year were Electricity and Water (+9.6%), Construction (+11.3%), Government (+2.3%) and Real Estate (+2.9%).
In June, the Economist Intelligence Unit (EIU) released a report projecting that Angola will see two consecutive years of economic contraction in 2019 and 2020, with negative rates of 3.8% and 3.6%, respectively, before returning to growth at an average rate of 4.2% per year between 2021 and 2023. (Macauhub)