Year-on-year growth was influenced by the positive performance of activities in the primary sector and transport, as well as the oil and diamond sector, the main drivers of the Angolan economy.
The Gross Added Value (GVA) of Agriculture and Livestock increased by 4.7 percent, in the third quarter of 2022, contributing with 0.32 percentage points (p.p.), in the total GDP variation, reflecting the increase in production, while the GVA of fisheries grew 12.3 percent compared to the same quarter, due to the increase in catches, contributing with 0.31 p.p.
GVA from petroleum extraction and refining grew by 2.7 percent over the same quarter of 2015, contributing with a variation of 0.81 p.p., due to increased demand for this raw material by Western countries, while the diamond sector grew 8.3 percent, with a variation of 0.14 p.p.
In the field of industry, INE highlights the positive variation in production in the food sector, particularly in Cereal Milling and Manufacture of Starches, Starches and Products and Manufacture of Drinks and Tobacco, activities that represent more than 70 percent of the sector.
The construction sector also contributed positively to GDP, due to the increase in construction materials of national and imported origin, the same happening with commerce, which recorded increases in both imported and locally produced goods.
The Transport and Storage sector had a strong growth of 25.8 percent, associated with the increase in weekly flight frequencies, new buses, and carriages in operation, which translated into a contribution of 0.49 p.p. to the total change in GDP.
On the contrary, the telecommunications sector had a fall of 8.1 percent, motivated by the reduction in the production of the Telecommunications Tariff Units (UTT), contributing negatively by 0.21 p.p. to the total variation of GDP.
The GVA of Financial Intermediation and Insurance grew by around 41.6 percent, driven by the increase in income from commercial banks and the Government GVA (Public Administration, Defense and Compulsory Social Security) of 8.9 percent, due to to the increase in salaries and entry of new civil servants.
Real estate and rental services (3.0 percent) and other services (3.5 percent) also performed positively, explained by the increase in hotel and catering services.
With regard to the activities that contributed positively to the variation in GDP between the second and third quarters of 2022, Commerce, Real Estate Services and Leasing, Financial and Insurance Intermediation, Transport and Storage, Public Administration, Fisheries, Extraction and Oil Refining, Construction, Agriculture and Forestry, Electricity and Water
On the other hand, Diamond Extraction, had a negative variation.
In accumulated terms up to the third quarter of 2022, Angolan GDP grew by 3.4 percent compared to the same period of 2021.
