"Real Gross Domestic Product (GDP) growth in 2022 was 3 percent, slightly better than our estimate of 2.9 percent; the non-oil economy, which accounts for 75 percent of GDP, was the main driver of the last year's economic growth, with an expansion of 4 percent, driven by the easing of measures against the covid-19 pandemic and improvement of economic policies during the implementation of the International Monetary Fund (IMF) program, which supported comprehensive growth" , say analysts.
In a comment on the figures released by the Angolan National Institute of Statistics (INE) at the end of last month, which show GDP expansion of 2.6 percent in the last quarter and 3 percent in the year's total, the African department this London consultancy writes that "looking to 2023, the forecast points to a decline in oil production, which will drive a modest moderation in economic growth to 2.3 percent this year, with oil production falling from 1.140 million barrels per day in 2022 to 1.127 million this year".
Regarding the last quarter of last year, consultants say that the 5 percent decline compared to the same period in 2021 was the main obstacle to accelerating growth: "INE says that the decline in refining margins and international demand for crude negatively affected the Angolan market", to which is added the slowdown in production, which fell from a growth of 8.3 percent in the third quarter of 2022 compared to the same period, to 0.8 percent in the last quarter of last year.
