"Although growth in the first quarter was stronger than the 3.4 percent we had forecast, the outlook for global growth and international oil prices weakened in the last quarter, so we are not likely to increase our outlook for GDP growth in the next round of forecasts," analysts say.
Angola's economy grew by 4.5 percent in the first quarter of this year, a rate that is nearly three times as much as the 1.6 percent growth reported from January to March 2021, according to data released by the Instituto Nacional of Statistics.
"Our forecast of 3 percent for this year is supported by increased oil production and greater investment in the energy sector; in addition, higher revenues will support the increase in public spending", say the analysts, anticipating a rise from oil production from 1.136 million barrels a day in 2021 to 1.187 million barrels a day this year.
