The economy of Angola shrank 1.8 percent from a year ago in the first quarter of 2020, following a downwardly revised 0.6 percent contraction in the previous period, hit by the fallout from Covid-19 and low oil prices. This was the third consecutive quarter of declines in domestic activity led by internal trade (-11.6 percent vs 9.2 percent); diamonds & other minerals extraction (-5.2 percent vs -11.3 percent); finance & insurance (-5.1 percent vs 0.2 percent); oil extraction & refining (-1.7 percent vs -6.5 percent) and fishing (-7.9 percent vs -23.4 percent). On a more positive note, strong growth was recorded in manufacturing (10 percent vs 7 percent). Also, sectors such as construction (2.8 percent vs 2.7 percent); real estate activities (2.9 percent vs 3.1 percent) and post & telecommunications (2.8 percent vs -1.1 percent) expanded at a modest pace.

GDP Annual Growth Rate in Angola averaged 4.22 percent from 2000 until 2020, reaching an all time high of 23.20 percent in the fourth quarter of 2007 and a record low of -11.80 percent in the fourth quarter of 2015. This page provides - Angola GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Angola GDP Annual Growth Rate - values, historical data and charts - was last updated on October of 2020. source: Instituto Nacional de Estatística, Angola

GDP Annual Growth Rate in Angola is expected to be -5.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Angola to stand at 0.70 in 12 months time. In the long-term, the Angola GDP Annual Growth Rate is projected to trend around 1.00 percent in 2021 and 1.30 percent in 2022, according to our econometric models.

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Angola GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.80 -0.60 23.20 -11.80 2000 - 2020 percent Quarterly

Angola GDP Annual Growth Rate
Angola is Africa’s second largest oil producer. As such, oil sector accounts for about 47 percent of total GDP, 98 percent of export earnings and 75 percent of government revenues. Within the non-oil sector the biggest share goes to: wholesale and retail sales (21 percent of total output), agriculture and fishery (10 percent), construction (7.7 percent) and manufacturing (6 percent).