Angola grew 3.6% in the second quarter and 3.2% in the first half of the year

Angola’s Gross Domestic Product (GDP) grew 3.6% in the second quarter compared to the same period in 2021 and accelerated 0.5% compared to the growth recorded in the first quarter of this year.

According to official data from the Angolan National Institute of Statistics, the country recorded accumulated growth of 3.2% in the first half of this year.

Compared to the figures for the same period last year, the diamond sector represents the industry with the highest growth, growing by more than 40%:

“The Gross Value Added of Diamonds had a growth of 40.3% in the second quarter of 2022 compared to the same quarter, contributing positively by 0.79 percentage points, in the total variation of the GDP,” reads the note released in Luanda.

“The incorporation of carats from semi-industrial production and increased production of various concessions, due to favorable weather conditions, justify the exponential growth in the period in reference,” the note adds.

In the opposite direction, the Financial Intermediation and Insurance sector registers the biggest fall, with a 38.8% reduction in activity:

“The Gross Value Added of the Financial Intermediation, and Insurance had a retraction in the order of 38.8%, in the second quarter of 2022 compared to the homologous quarter, contributing negatively in 0.79 percentage points, in the total variation of the GDP,” according to the note, which explains that “the variation of this activity of financial intermediation was due to the fall in income from commercial banks since it has greater weight within the activity segment”.

In the press release on the Quarterly National Accounts Quick Sheet, INE also reports a 3.2% growth in the first six months.

This positive variation is attributed mainly to the following activities: Agriculture and Farming and Forestry 3.3%; Oil Extraction and Rufining 2.2%; Manufacturing 2.6%; Electricity and Water 2.4%; Construction 6.0%; Transportation and Warehousing 32.0%; Public Administration 5.6% and Real Estate and Rental 2.9% and Other Services 3.8%,” the text indicates.

Angola’s Minister of State for Economic Coordination, Manuel Nunes Júnior, considered last week that the country had entered a growth path in 2021 with a growth of 0.7%, after five consecutive years of economic recession, in a process driven by the non-oil sector, which recorded growth of 6.4% against oil sector growth of minus 11.6%.

Speaking at the closing ceremony of the session for admission to trading of Banco Caixa Geral Angola (BCGA) shares on the stock market, the governor also said that the economic growth outlook for 2022 was good: “We will remain in an environment of sustained and inclusive economic growth,” he said.

We foresee an overall growth of 2.7% supported by a growth of the non-oil sector of 3.2% and the oil sector, including gas, of 2.1%,” Manuel Nunes Júnior concluded.

With information from Lusa