The economy of Angola advanced 2.2 percent year-on-year in the fourth quarter of 2018, reversing from a 1.6 percent contraction in the previous period. This marks the first expansion since the third quarter of 2017 when the GDP grew 3 percent. Main drivers of growth were: internal trade (26.5% vs 0.3% in Q3); finance & insurance (27.8% vs 17.6%); post & telecommunications (9.3% vs -3.5%); construction (5.7% vs 0.7%); real estate activities (3.1% vs 3.0%); extraction of diamonds and other minerals (1.5% vs -16.5%) and manufacturing (1.2% vs 6.2%). In contrast, output declined for oil extraction and refining (-9.6% vs -11.6%); fishing (-24.6% vs -18.9%); agro-livestock (-1% vs -2.3%); transport & storage (-2.3% vs -5.9%) and public administration, defense and social security (-1.6% vs 3.6%). Considering the full year of 2018, the GDP shrank 1.7 percent, after a 0.1 percent contraction in 2017. GDP Annual Growth Rate in Angola averaged 4.82 percent from 2000 until 2018, reaching an all time high of 23.20 percent in the fourth quarter of 2007 and a record low of -11.70 percent in the fourth quarter of 2015.
GDP Annual Growth Rate in Angola is expected to be -2.10 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 1.60 in 12 months time. In the long-term, the Angola GDP Annual Growth Rate is projected to trend around 3.00 percent in 2020, according to our econometric models.