Angola’s Gross Domestic Product (GDP) expanded by 1.4% year-on-year in the fourth quarter of 2023 compared to the same period in 2022, according to data from the National Statistics Institute (INE).
However, there was a 0.3% decrease in the economy from the third quarter to the fourth quarter of 2023, after seasonal adjustments.
For the entire year of 2023, the Angolan economy grew by 0.9% compared to 2022. Key contributors to this growth were the extraction and refining of crude oil and natural gas, agriculture, commerce, manufacturing industry, fisheries, real estate services, and construction.
The agriculture sector saw significant growth, contributing positively to GDP variation by 1.43 percentage points.
Fisheries also contributed positively, despite a slowdown due to a decline in industrial fishing. Additionally, oil extraction and refining, diamond extraction, and manufacturing industry showed positive growth, driving the overall expansion of the economy.
These positive variations indicate a diverse growth pattern across various sectors of the Angolan economy, highlighting the nation’s potential for economic development and diversification.
