"The Gross Domestic Product (GDP) in chained volume of the third quarter of 2020 compared to the third quarter of the previous year, seasonally adjusted, decreased by 5.8 percent, and compared to the previous quarter, it grew by 2 , 7 percent ", reads the note released by the National Statistics Institute.
Despite the improvement compared to the previous quarter, the Angolan economy continues to contract, given that it registered a negative variation compared to the growth of the same quarter of 2019, and is going to contract by 5 percent in 2020 if the average remains at October to December, whose data are not yet available.
Looking at the average for the first three quarters of 2020, it can be seen that Angola's economy fell 0.9 percent in the first three months of last year, and then further worsened the fall to 8.3 percent and 5.8 percent in the following two quarters, which keeps the country in negative territory.
"The activities that most contributed positively to GDP growth in the third quarter of 2020 were trade, with 1.6 percent, Real Estate Services and Rental, with 0.7 percent, Manufacturing Industry (0.6 percent), Other Services (0.3 percent) and Agriculture (0.2 percent), is added in the text available on the INE page.
On the other hand, "the activities that most negatively contributed to GDP growth in the third quarter of 2020 were Construction, with -1.3 percent, Extraction and refining of crude oil and natural gas, with -0.8 per percent, Diamond Extraction, with -0.2 percent, Fishing (-0.2 percent) and Telecommunications "-0.1 percent)", concludes in the document.
According to the data presented in the Press Release on the Quarterly Accounts, in 2019 the GDP fell 2.1 percent and for 2020 the International Monetary Fund foresees a contraction of 4 percent, expecting a positive return to the ground this year, with a growth above 3 percent.
