According to data released by the National Statistics Institute (INE), the Gross Value Added of Petroleum grew by 1.9 percent in the I quarter of 2022 compared to the same quarter of the previous year, contributing positively by 0.47 percentage points, in the variation total GDP.
The INE justifies this growth with several factors, including the increase in demand from Europe and India "due to the gradual normalization of people's way of living" and the attempted coup d'état in Kazakhstan associated with the reduction in the amount produced by Libya, which boosted increased demand for oil in West Africa, including Angolan oil.
All non-oil sectors grew year on year, except for diamonds and financial intermediation.
Agriculture and Forestry had a year-on-year change of 3.0 percent in the first quarter of 2022, which was due to the increase in agricultural and livestock production, while Fisheries had an increase of 5.4 percent, compared to the same quarter of the previous year, due to the slight increase in catches in the period in question.
On the contrary, there was a retraction of around 14.7 percent in Financial and Insurance Intermediation, driven by the fall in commercial bank income (around 15 percent).
The diamond sector, on the other hand, had a sudden drop of 28.3 percent in the first quarter of 2022 compared to the same quarter of the previous year, justified by the suspension of the Socomar terminal, increase in port tariffs and instability in the markets of origin of the product associated with the war between Russia and Ukraine.
Manufacturing industry advanced 2.0 percent, reflecting the positive variation of around 11 percent in food production, particularly in the milling, pasta and bakery products sector, which accounts for more than 60 percent of the total industrial sectors.
The Transport sector increased by 31.3 percent, reflecting exponential growth in the air subsector, as a result of the increase in flight frequencies, due to the relief of measures to combat covid-19, and on the other hand, the entry into operation of new operators in the urban transport service in Luanda.
The Gross Value Added of Telecommunications rose 2.4 percent, due to the increase in the production of Telecommunications Tariff Units (Utt) motivated by the higher consumption of communications services, associated with the entry of the new company Africell in the domestic market.
The Gross Value Added of Electricity increased by 2.5 percent, that of Construction recorded a growth of around 4.1 percent, due to the slight increase in construction materials of national and imported origin, and Trade increased of 1.6 percent, with significant increases in agricultural production, fishing and manufactured goods destined for this activity.
The Government's Gross Value Added increased by 7.2 percent as a result of the public sector increasing the value of declared remuneration compared to the same period last year, as well as updates, phased promotions of the different categories and entry of civil servants.
In the case of real estate, the growth of 2.9 percent is justified by the fact that the population growth rate is used, as well as the offer of real estate in the form of resolvable rent.
The Gross Value Added of Other Services grew by 4.8 percent, associated with the significant increase in the hotel and restaurant business, with greater weight in this category.
In quarterly terms, GDP grew 4.3 percent from the fourth quarter of 2021 to the first quarter of 2022, taking into account the seasonally adjusted series.
The activities that contributed positively to the change in GDP in the I quarter of 2022 compared to the previous quarter were: Oil Extraction and Refining 4.93 percentage points (p.p); Electricity and Water 0.004 p.p; Construction 4.69 p.p; Mail and Telecommunications 0.58 p.p; Financial Intermediation 0.56 p.p; Public Administration 0.41 p.p. and Other Services 0.31 p.p.
