Angola’s gross domestic product (GDP) rose 3.9 percent in the third quarter of 2022, year-on-year, and 0.8 percent compared to the previous three months, according to figures from the National Statistics Institute (INE) published Wednesday.
Year-on-year growth was influenced by the positive performance of the primary sector and transport activities, as well as the oil and diamond sectors, the main drivers of the Angolan economy.
Gross value added (GVA) in agriculture and livestock rose 4.7 percent in the third quarter, contributing 0.32 percentage points (p.p.) to the total variation in GDP, reflecting the increase in production, whilst GVA in fisheries rose 12.3 percent year-on-year, due to an increase in catches, contributing 0.31 p.p.
The GVA of oil extraction and refining grew 2.7% quarter-over-quarter, contributing with a variation of 0.81 p.p., due to increased demand for this raw material from Western countries, while the diamonds sector grew 8.3%, with a variation of 0.14 p.p.
In the field of industry, INE highlights the positive variation in production in the food sector, particularly in the Milling of Cereals and Manufacturing of Starches, Starches and their Products and Manufacturing of Beverages and Tobacco, activities that represent more than 70% of the sector.
The construction sector also made a positive contribution to GDP, due to the increase in construction materials of national and imported origin, the same happening with commerce, which registered increases in both imported and locally produced goods.
The Transport and Storage sector had a strong growth of 25.8%, associated to the increase in weekly flight frequencies, new buses and carriages in operation, which translated into a contribution of 0.49 p.p., in the total variation of the GDP.
On the other hand, the telecommunications sector fell by 8.1%, due to the reduction in production of the Telecommunications Tariff Units (Utt), making a negative contribution of 0.21 p.p. to the total variation of GDP
Financial Intermediation and Insurance GVA grew by 41.6%, driven by the increase in income from commercial banks and Government GVA (Public Administration, Defence and Compulsory Social Security) by 8.9%, due to the increase in salaries and the entry of new civil servants.
Real Estate and Rental Services (3.0%) and Other Services (3.5%) also had a positive evolution, justified by the increase in hotel and restaurant services activities.
With regards to the activities that contributed positively to the variation of the GDP between the second and third quarter of 2022, Trade, Real Estate and Rental Services, Financial and Insurance Intermediation, Transportation and Storage, Public Administration, Fishing, Oil Extraction and Refining, Construction, Agriculture and Forestry, Electricity and Water
Diamond Extraction, on the other hand, had a negative variation.
In accumulated terms until the third quarter of 2022, Angola’s GDP grew 3.4% against the same period of 2021.
Translated with www.DeepL.com/Translator (free version)
