Home World News Emerging Markets Angola’s GDP up slightly in second quarter

Angola’s GDP up slightly in second quarter

Gross Domestic Product (GDP)
Gross Domestic Product (GDP)

Angola’s National Institute of Statistics said in a report on Monday that the country’s gross domestic product (GDP) in the second quarter (Q2) of 2023 grew by 0.01 percent compared to the same period last year.

In the sectoral analysis of the report, the gross value added (GVA) of financial intermediation and insurance increased by 40.0 percent in Q2, due to the increase in revenues from commercial banks and insurers. Agriculture, animal husbandry and forestry saw an increase of 1.6 percent in GVA.

The sectors of manufacturing industry products, electricity and water, construction, trade, transport and storage, postal and telecommunications witnessed GVA’s annual increases in Q2.

On the other hand, the extraction of diamonds, metallic minerals, and other non-metallic minerals experienced a decline of 21.9 percent in GVA in Q2, mainly due to a negative variation in the production of diamond and salt extraction.

According to the report, there was a decrease of 12.9 percent in the activity of accommodation and restaurant services in Angola in Q2.

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