The economy of Angola shrank 0.8 percent year-on-year in Q3 2019, the most in a year, following a 0.1 percent contraction in the previous period. Main negative contributions came from oil extraction and refining (-8.7 percent vs -4.1 percent in Q2), coupled with falling crude oil prices; manufacturing (-1.5 percent vs 1.1 percent); post & telecommunications (-0.5 percent vs -2.1 percent) and fishing (-19.9 percent vs -19.3 percent). Meantime, growth softened in construction (2.8 percent vs 3.5 percent) while it remained stable in real estate activities (at 3 percent) and agriculture (at 1.1 percent). On a more positive note, activity strengthened in extraction of diamonds & other minerals (41.4 percent vs -8.1 percent); public administration (5.2 percent vs 0.4 percent); internal trade (8 percent vs -7.4 percent); transportation & storage (2.4 percent vs -0.8 percent); finance & insurance (6.4 percent vs -17.3 percent) and utilities (3.1 percent vs 2.4 percent). GDP Annual Growth Rate in Angola averaged 4.52 percent from 2000 until 2019, 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. source: Instituto Nacional de Estatística, Angola
GDP Annual Growth Rate in Angola is expected to be 0.80 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 1.50 in 12 months time. In the long-term, the Angola GDP Annual Growth Rate is projected to trend around 2.80 percent in 2020, according to our econometric models.