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Economy

Angola should end 2022 with growth close to 3.5 percent

The economy grew 3.9 percent in the third quarter of the year, compared to the same period last year, according to data from the National Institute of Statistics, and should reach the end of 2022 with growth of around 3.5 percent.

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"The Gross Domestic Product (GDP) grew 0.8 percent from the second quarter of 2022 to the third quarter of 2022, taking into account the seasonally adjusted series", reads in the Quick Information Sheet, which reports that "in year-on-year terms, the 3rd quarter of 2022 compared to the 3rd quarter of 2021, GDP grew by 3.9 percent".

According to information from INE, the economy registered an accumulated growth of 3.4 percent throughout the year, offering good prospects for ending 2022, the second year out of recession, with an expansion of over three percent, in line with the 3.3 predicted by the Government.

The GDP accumulated in the first nine months of 2022 registers a growth of 3.4 percent in relation to the same period of 2021, say the technicians, pointing out that "this positive variation is fundamentally attributed to the activities of Agro-livestock and Forestry, with a growth of 3.8 percent; Fishing (2.6 percent), Oil and Rufin Extraction (2.4 percent), Diamond Extraction (0.4 percent), Manufacturing Industry (2.0 percent), Electricity and Water (3.2 percent); Construction (4.8 percent); Transport and Storage (29.9 percent), Public Administration (6.9 percent), Real Estate Services and Rental (3.0 percent) percent) and Other Services (3.8 percent)".

The economy linked to the oil sector grew 2.7 percent compared to the third quarter of 2021, while the non-oil economy grew 4.4 percent from July to August 2022 compared to the same period of the previous year.

Angola's economy was plunged into recession between 2016 and 2020, having grown by 1.1 percent in 2021.

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