Angola’s Gross Domestic Product (GDP) grew by 4.6 percent in the first quarter of 2024, marking the highest quarterly growth rate since 2015.
This growth reflects positive performance across all sectors of the economy, highlighting the impact of effective economic policies and strategic investments.
An analysis of the indicators reveals that all major sectors of the Angolan economy recorded growth during this period, demonstrating a robust and uniform recovery.
The oil sector, a traditional pillar of the country’s economy, showed a recovery with an increase of 3.5 percent, driven by stable international oil prices and increased production.
The agricultural sector expanded by 6.2 percent, significantly contributing to GDP growth. This performance is attributed to several government initiatives supporting family farming and the implementation of new agricultural technologies that have improved productivity.
The industrial sector grew by 4.8 percent, reflecting increases in manufacturing production and civil construction. Ongoing infrastructure projects, financed by both the government and private investors, have been crucial to this growth.
The services sector, including commerce, transport, and telecommunications, grew by 5.1 percent. Increasing digitalization and improvements in telecommunications services significantly contributed to this increase, alongside a recovery in the tourism and hospitality sectors.
The data comes from the National Institute of Statistics’ (INE) Quick Information Sheet (FIR) on the National Accounts for the first quarter of 2024.
This sheet provides a detailed analysis of quarterly growth with seasonal adjustment, year-on-year variation, and accumulated growth rates throughout the year.
The publication includes a methodological note, the main results obtained and their justifications, general tables, and a set of concepts to facilitate understanding of the content.
It offers a comprehensive overview of Angola’s economic performance, allowing for a better understanding of current economic dynamics and aiding in the formulation of future policies.
