Angola’s gross domestic product (GDP) grew by 3.9% year-on-year in the third quarter of 2022 and 0.8% from the previous three months, according to data from the National Institute of Statistics (INE) released today.
Year-on-year growth was driven by positive performance in the commodity and transport sectors, as well as in the oil and diamond sectors, which are the main drivers of the Angolan economy.
Gross value added (GVA) of agriculture and livestock increased by 4.7% in the third quarter of 2022, which is 0.32 percentage points (pp) of the total change in GDP, reflecting the growth in production, while the GVA of fisheries increased by 12.3%. compared to the same quarter due to an increase in catches by 0.31 p.p.
GVA from oil extraction and refining increased by 2.7% compared to the same quarter of the same period, changing by 0.81 percentage points, due to an increase in demand for this raw material from Western countries, while diamond the sector grew by 8.3% with a variation of 0.14 p.p.
In the field of industry, INE notes the positive dynamics of production in the food sector, in particular in the grinding of grain and the production of starches, starches and products, as well as in the production of beverages and tobacco, which account for more than 70% of the sector.
The construction sector also made a positive contribution to GDP due to an increase in the production of building materials of national and imported origin, the same happened with trade, which recorded an increase in both imported and locally produced goods.
The transport and storage sector showed strong growth of 25.8% driven by increased frequency of weekly flights, new buses and wagons in operation, which contributed 0.49 p.p. in the overall change in GDP.
The telecommunications sector, on the contrary, decreased by 8.1%, which was due to a decrease in the production of telecommunications tariff units (CTTs), which negatively affected by 0.21 percentage points. in the overall change in GDP.
The GVA of financial intermediation and insurance increased by about 41.6% due to an increase in the revenues of commercial banks and the GVA of the government (public administration, defense and compulsory social security) by 8.9% due to an increase in wages and the arrival of new civil servants.
Real Estate Leasing and Leasing Services (3.0%) and Other Services (3.5%) also showed a positive trend, as evidenced by increased activity in the hotel and restaurant services sector.
With regard to the activities that positively affected the change in GDP between the second and third quarters of 2022, trade, real estate services and leasing, financial and insurance intermediation, transport and storage, public administration, fishing, oil production and processing, construction , Agriculture and forestry, Electricity and water
On the other hand, diamond production had a negative variation.
Cumulatively, through the third quarter of 2022, Angola’s GDP grew by 3.4% compared to the same period in 2021.
Author: Portuguese
Source: CM Jornal
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