Angola's GDP Grows By 0.3 Percent

6 July 2023
Angola Press Agency (Luanda)

Luanda — Angola's Gross Domestic Product (GDP) increased by 0.3% in the first quarter of 2023, compared to the previous period, according to the data from National Institute of Statistics (INE).

The INE statistics were released by the Head of the MEP's Department for Macroeconomic Policy and Management, Martins Afonso, who said that non-oil sector contributed the most to the GDP, which grew by 2.8%, despite an 8% contraction in oil GDP.

Addressing an usual briefing of the Ministry of Economy and Planning - MEP, the official said that the performance of the non-oil GDP was supported mainly by the transport sector that grew 27%.

While the extraction sector stood at 22.9%, energy and water (7.80%), other services (2.9%), trade (2, 5%) and agriculture and livestock (0.9%).

According to the official, the data indicate that the trade sector depends mainly on the manufacturing industry.

He mentioned that the trade sector contributed with 9.1% and other services (6.8%), imports of goods (3.7%), agriculture and livestock with 0.9%.

INE data show the trade with 27.7%, extraction and refining of crude oil and natural gas with 22.4%, followed by agriculture, livestock and forestry 9.3%, other services with 8.8%, manufacturing products 7.3% and construction 6.8%, as the key factors for the performance of the activity in the GDP of the first quarter of 2023.

Data available on the INE website indicate that GDP, in the first quarter of 2023, totaled AKz 13 521 227 million, with AKz 165 818 million for Taxes on Products net of Subsidies. HEM/AC/CF/NIC

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