Angola: GDP Grows 0.01 Percent From Second Quarter of 2022 to 2023

2 October 2023
Angola Press Agency (Luanda)

Luanda — Angola's Gross Domestic Product (GDP) grew 0.01 per cent from the second quarter of 2022 to the second quarter of 2023, the National Statistics Institute (INE) said Monday in Luanda.

According to the Rapid Information Sheet (FIR), referring to the National Accounts for the second quarter of 2023, GDP grew by 0.2 per cent from the first quarter to the second quarter of 2023, taking into account the seasonally adjusted series.

INE says that the quarter-on-quarter variation (seasonally adjusted) shows that the activities that contributed positively to the variation in GDP in the 2nd quarter of 2023 compared to the 1st quarter of 2023 were Agri-livestock and forestry 0.12%, fishing 0.18%, oil extraction and refining 1.84% and financial and insurance intermediation 0.25%.

Vectorial analysis

The FIR indicates that the Gross Value Added of agri-livestock grew by 1.6 per cent in the second quarter of 2023 compared to the same quarter of the previous year, making a positive contribution of 0.002 per cent to the total change in GDP.

The document explains that this variation was due to the increase in production of agricultural crops and livestock, with agricultural products varying by 0.16% and livestock products by 11.0% in this period in the sector.

The Gross Value Added of Fishing grew by 5.6 per cent in the second quarter of 2023 compared to the same quarter of the previous year, making a positive contribution of 0.003 per cent to the total change in GDP.

This growth was due to the increase in some large vessels and the entry of more communal aquaculture projects and larviculture centres. Industrial and semi-industrial fisheries account for around 70% of the sector, and in this period had a variation of 8.7 per cent.

The Gross Value Added of Oil fell by 2.9 per cent in the second quarter of 2023 compared to the same quarter of the previous year, making a negative contribution of 0.01 per cent to the total change in GDP.

Although there were positive variations in the production of the quantities extracted of natural gas, LNG and condensate, there was a drop in the extraction of crude oil, the latter having a weight of around 90 per cent.

This variation is the result of the stoppage of processing due to the gas leak at the "BL6P1-ST1" well in the Belize field, the activation of the high-pressure alarm in the storage tank at FPSO Kizomba A and the poor performance of some wells in the Ndungu field, as well as the lack of support for the water injection system.

The Gross Value Added of diamond mining fell by 21.9 per cent in the second quarter of 2023 compared to the same quarter of the previous year, making a negative contribution of 0.01 per cent to the total change in GDP.

This drop was fundamentally due to the fact that there was a negative variation in diamond and salt mining production of around 22.1% and 52.9% respectively. The two branches of activity account for more than 90 per cent of GDP. HEM/PPA/DAN/DOJ

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