Ver Angola

Economy

Statistics: Economy recorded a 0.9 percent recession last year

Angola's economy registered a fourth consecutive year of contraction last year, registering a recession of 0.9 percent of the Gross Domestic Product (GDP), according to preliminary data from the National Statistics Institute (INE).

:

"GDP for the fourth quarter of 2019, in year-on-year terms, varied / decreased 0.8 percent in relation to the same quarter of 2018, and the preliminary annual GDP, resulting from the four quarters of 2019, varied / decreased 0.9 in relation to to the year 2018 ", read in the note available on the INE website.

According to the data released by the statistical entity, the country thus registered the fourth consecutive year of recession, after reaching falls since 2016, and is expected to register a contraction again this year, with the Government estimating a decrease of 1.2 per cent. cent and the International Monetary Fund (IMF) to foresee a drop of 1.4 percent.

In the data presented, the INE also revises downward the negative growth of 2018, which changes to -2 percent instead of the -1.2 percent it previously estimated, which means that between 2015 and 2019 the GDP of Angola has fallen 5.5 percent.

"The performance of economic activities in the fourth quarter of 2019 in relation to the fourth quarter of 2018, in terms of negative variation, is mainly attributed to the activities of Fishing (-24.9 percent), Oil (-6.6 percent) , Diamond Extraction (-11.3 percent) and Telecommunications (-1.1 percent) ", is added in the note available on INE's website.

Among the activities that weighed most on the drop in GDP are oil production, trade and construction.

"The activities that contributed most, in terms of participation, and were important factors for the performance of activities in the GDP of the 4th Quarter of 2019 were the Extraction and refining of crude oil and natural gas with 29.4 percent, followed by Trade with 12.8 percent, Construction with 14.1 percent and Public Administration with 8.6 percent ", concludes INE.

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