GDP in Angola
Angola - GDP
Economy rebounds in Q2 on firming non-oil activity
The economy returned to growth in the second quarter for the first time since Q2 2019, with GDP expanding 1.2% year-on-year and swinging from the first quarter’s 3.4% contraction. However, underlying economic momentum weakened as activity contracted 2.4% quarter-on-quarter in Q2 (Q1: +0.2% qoq).
The annual improvement came on the back of stellar growth in the fishing, and transport and storage sectors. Output in the financial and real estate sectors also picked up pace. Construction sector activity, meanwhile, contracted at the softest pace since the fourth quarter of 2019. All in all, the non-oil sector grew 7.6% year-on-year in the second quarter, up from the first quarter’s 1.6% expansion. Less positively, the key oil sector, which accounts for roughly one third of GDP, remained in the doldrums as it contracted 12.3% over the same period a year prior (Q1: -18.6% yoy). While this marked the mildest fall since Q3 2020, it constituted the 21st consecutive quarter of declining output.
The economy is forecast to recover somewhat this year from the pandemic-induced downturn. Next year, GDP is projected to expand at a stronger clip as the rollback of restrictive measures should see domestic activity firm, with private consumption benefiting from the release of pent-up demand. Moreover, stabilizing global economic momentum should benefit the external sector. However, the outlook is clouded by elevated inflation and a depreciating currency, as well as regional instability.
Analysts at Banco de Fomento Angola added:
“For the whole of 2021, we expect a GDP increase of between 1.0–1.0%, supported by a complete recovery of the non-oil economy […]. In the opposite direction, the oil economy will see another year of decline […]. For 2022, our expectation is for a certainly higher growth, as the downturn in the oil sector should be smaller, and the non-oil economy may maintain a similar performance, especially if supported by strong public investment.”
FocusEconomics see GDP expanding 2.9% in 2022, which is unchanged from last month’s forecast. In 2023, the economy is seen growing 3.3%.
Angola - GDP Data
|Economic Growth (GDP, annual variation in %)||0.9||-2.6||-0.1||-2.0||-0.9|
5 years of economic forecasts for more than 30 economic indicators.
Angola GDP Chart
Source: National Statistical Institute of Angola
|Exchange Rate||479.0||0.0 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
October 13, 2021
Cabinda oil prices came in at USD 74.5 per barrel (pb) on average in September, up from USD 70.9 pb in August.
October 12, 2021
Luanda-province consumer prices rose 2.34% in September over the previous month, largely in line with the 2.30% rise logged in August.
October 11, 2021
The economy returned to growth in the second quarter for the first time since Q2 2019, with GDP expanding 1.2% year-on-year and swinging from the first quarter’s 3.4% contraction.
October 11, 2021
Economic sentiment continued its upward trend in the second quarter; however, confidence remained encapsulated by pessimism as the sentiment index rose to minus 6 from minus 9 in the first quarter.
September 30, 2021
At its 30 September meeting, the Monetary Policy Committee of the National Bank of Angola decided to leave all its monetary policy instruments untouched.