The Angolan economy experienced minimal growth in the first quarter of 2023, largely impacted by the decline in oil prices.
According to the Angolan National Statistics Institute (INE), the Gross Domestic Product (GDP) registered a year-on-year growth of 0.3 percent and a quarterly contraction of 1.1 percent.
This is the first time since Q2 2021 that the quarterly GDP has slipped into negative territory, as reported in the Quick Information Sheet accessed by Lusa.
The primary reason for the negative quarterly variation and sluggish growth in Q1 2023 was the decrease in oil exploration and refining. . .
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