Ver Angola


Oxford Economics: Angola grows by almost three percent in 2022 and slows down to 2.6 percent this year

The consultancy Oxford Economics estimates that the Angolan economy will slow down this year to 2.6 percent due to the drop in production and the price of oil, after registering growth close to three percent last year.


"Despite the moderation of Gross Domestic Product growth in the fourth quarter of 2022, we anticipate that last year's economic growth will have exceeded our forecast of 2.4 percent and will be closer to three percent", write the analysts, adding that "in 2023 a slight slowdown in oil production growth and much lower global prices than last year are expected, which will influence economic expansion".

The analysis of the African department of the British Oxford Economics points out that "non-oil GDP growth should remain quite robust this year, helped by increased investment in oil refining, renewable energies and agriculture", which, together with the fall in inflation and interest rates, "will continue to support private consumption growth this year, causing GDP to slow down moderately to 2.6 percent".

The economy grew 3.9 percent in the third quarter of last year, compared to the same period of 2021, according to data from the National Institute of Statistics, and should reach the end of 2022 with growth of around 3.5 percent.

"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 percent predicted by the Government.

The accumulated GDP 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 by 2.7 percent compared to the third quarter of 2021, while the non-oil economy grew by 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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