Angola GDP Q4 2023

Angola: GDP growth slows in the fourth quarter

Growth slowed in the fourth quarter, with GDP increasing 1.4% on an annual basis (Q3: +1.5% yoy). As a result, the economy expanded at a three-year low of 0.9% overall in 2023 (2022: +3.0%). On a seasonally adjusted quarter-on-quarter basis, GDP declined 0.3% in Q4, contrasting the previous quarter’s 1.9% increase and marking the sharpest decrease since Q1 2023.

The moderation reflected non-oil output increasing 1.2% year on year in Q4 (Q3: +2.4% yoy), the slowest annual clip in three years. The sector was weighed on by weaker growth in fishing and mining output as well as contracting construction activity. More positively, output in agriculture, manufacturing, and wholesale and retail trade increased more speedily.

On the flip side, year-on-year growth in oil output rebounded to a five-quarter high of 2.2% (Q3: -0.8% yoy): The sector returned to growth in the period in large part due to October’s over 10% increase in production.

Our panelists expect the economy to have lost further steam at the outset of 2024, largely on a high base of comparison. That said, over 2024 as a whole, our Consensus is for economic growth to roughly double from 2023. The economy will benefit from a rebounding oil sector, which will underpin a recovery in external sector activity.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest