"We forecast real growth in Gross Domestic Product (GDP) of 0.8 percent in 2023, with economic expansion increasing to 2.6 percent this year, based on the increase in oil production and an increase in investments in refining oil, mining exploration, renewable energy and transport infrastructure", reads a comment on the latest figures released by the National Institute of Statistics of Angola.
In the third quarter of 2023, Angola's economy recorded an expansion of 1.4 percent, with non-oil GDP remaining "quite resilient", with growth of 2.3 percent compared to the same period of the previous year, writes the African department of Oxford Economics in the note sent to clients, and to which Lusa had access.
"A drop in diamond extraction and oil production kept growth stagnant in the first half of 2023, but the latest figures point to a recovery in extractive industries and resilience in trade growth", the analysts add.
Oil production, they estimate, should increase to 1.131 million barrels per day this year, compared to the 1.102 million daily produced in 2023.
"Oil production is recovering consistently following the completion of planned maintenance for the Dália well in the first quarter of 2023, and will also benefit from the addition of new wells towards the end of 2024", conclude the analysts.
