According to the Quarterly National Accounts, released by the National Institute of Statistics of Angola, the Gross Domestic Product (GDP) fell 3.4 percent, having registered an improvement of 0.2 percent compared to the last quarter of last year.
"Gross Domestic Product (GDP) in chained volume for the first quarter of 2021 compared to the first quarter of the previous year, seasonally adjusted, decreased by 3.4 percent and compared to the previous quarter (fourth quarter of 2020 ) recorded a growth of 0.2 percent", reads the document posted on the INE website.
According to the report, "the performance of economic activities in the first quarter of 2021 compared to the first quarter of 2020, in terms of negative variation, is fundamentally attributed to the activities of Construction (-31.5 percent), Extraction and Refining Oil (-18.6 percent); Transport and Storage (-15.6 percent), Financial Intermediation Services (-9.9 percent) and Postal and Telecommunications (-5.8 percent)".
The Government expects the country's economy to come out of the recession it has faced since 2016 this year, recording a slight growth of 0.1 percent, while the International Monetary Fund anticipates a recovery of 0.4 percent.
