GDP in Angola

Angola GDP | Economic News & Forecasts

Angola - GDP

Economy contracts again in Q2

The economy contracted 0.1% on an annual basis in the second quarter, following the previous quarter’s revised 0.3% dip (previously reported: -0.4% year-on-year), according to national accounts data released by Angola’s Statistical Institute (INE) on 15 October.

The all-important Angolan oil sector, which accounts for around one-third of GDP, once again drove the overall contraction amid sliding domestic oil production. That said, the decline in oil sector activity moderated further in Q2 and was the softest since Q4 2017, seemingly thanks to higher global crude prices. Meanwhile, output shrank in the commercial sector at the strongest pace in a year, while construction activity growth plummeted. On a more positive note, momentum in the agricultural sector improved somewhat in Q2.

Looking ahead, prospects remain bleak for the remainder of this year, amid downbeat oil production and volatile global crude prices. Growth should rebound next year, however, against the backdrop of ongoing economic reforms and support from the IMF. That said, external headwinds and weak domestic oil production are set to limit the recovery.

FocusEconomics panelists see GDP growing 1.2% in 2020, which is down 0.1 percentage points from last month’s forecast. In 2021, growth is projected to reach 1.9%.

Angola - GDP Data

2014   2015   2016   2017   2018  
Economic Growth (GDP, annual variation in %)4.8  0.9  -2.6  -0.1  -1.2  

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Angola GDP Chart

Angola GDP
Note: GDP, annual variation in %.
Source: National Statistical Institute of Angola

Angola Facts

Value Change Date
Exchange Rate479.00.0 %Jan 01
Stock Market0.10.0 %Jan 07

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