"The latest GDP (Gross Domestic Product) figures, albeit for 2021", are "the first signs of a more significant economic recovery that is being created in 2022", the analysts write this Thursday in a comment on economic growth of Angola in the third quarter, released last week by the National Statistics Institute.
"We anticipate a modest recovery in oil production this year, halting the steady decline since 2015, and thanks to this recovery in the oil economy, together with an acceleration in non-oil GDP, we expect real GDP to grow by nearly three percent in 2022, compared to close to zero percent in 2021", the analysts point out in the note sent to customers, and to which Lusa had access.
The economic reforms launched in 2017 "were slow and masked by the oil production crisis and the effects of the pandemic, but they are now more visible in the divergence of growth rates between oil and non-oil GDP", the analysts point out.
The Oxford Economics Africa rating comes a few days after the financial rating agency Fitch Ratings upgraded Angola's rating to B- on Friday, with a prospect of stable evolution, anticipating an economic expansion of 2,1 percent for this year, after growing 0.1 percent in 2021.
"There was a substantial improvement in external and fiscal metrics, supported by a return to positive economic growth, good fiscal management and higher oil prices", wrote analysts at this financial rating agency owned by the same owners of the consultancy Fitch Solutions.
The Government foresees a return to economic growth for 2021, after five years of recession, and expects an expansion of the economy of around 2.5 percent this year.
