Angola: Economy accelerates in 2014
July 15, 2015
In 2014, the economy expanded 4.7%, according to a preliminary estimate from the Central Bank. The figure was a slowdown over the 6.8% expansion observed in 2013 and marked the slowest increase in three years. The deceleration came mainly on the back of a slowdown in the oil sector, which contracted 2.6%. In addition, the non-oil GDP sector decelerated from a 10.9% increase in 2013 to a 8.2% rise in 2014.
In 2014, the agricultural sector grew 11.9%, which was significantly below the 41.7% growth observed in the previous year. The decrease in production came on the back of adverse weather conditions. In addition, the energy sector expanded 17.3%, which was down from the 36.4% rise recorded in the previous year. On the contrary, merchant services and the fishery sector recorded an improvement over the previous year.
Author: Dirina Mançellari, Senior Economist