Angola’s economy contracted by 0.9% in 2019 compared to the previous year, according to preliminary gross domestic product results released on Monday in Luanda by the National Statistics Institute (INE).
On publishing the Quarterly National Accounts for the fourth quarter of 2019 and the preliminary accounts for the full year, INE reported that gross domestic product (GDP) for the last quarter of the year recorded a drop of 0.8% compared with the same quarter of 2018.
Data released by the Angolan statistical body showed that Angola recorded its fourth consecutive year of recession, with a further contraction this year, with the government estimating a 1.2% drop and the International Monetary Fund (IMF) projecting a fall of 1.4%.
Following 2015, when the Angolan economy posted growth, although at a rate of 0.9%, it contracted by 2.6% the next year, in 2017 it fell 0.1% and in 2018 the fall in GDP increased to minus 2.0%.
“The performance of economic activities in the fourth quarter of 2019 compared to the fourth quarter of 2018, in terms of negative variation, is primarily attributed to fishing activities (-24.9%), Oil (-6.6%), Diamond Extraction (-11.3%) and Telecommunications (-1.1%),” said the statement available on the Angolan INE website.
In turn, the activities that contributed the most and were important factors for GDP in the fourth quarter of 2019 were Extraction and Refining of Crude Oil and Natural Gas with 29.4%, followed by Trade with 12.8%, Construction with 14.1% and Public Administration with 8.6%,” INE concluded. (Macauhub)