The gross domestic product of Angola shrank 5.8 percent year-on-year in the third quarter of 2020, following a downwardly revised 8.3 percent contraction in the previous period. It was the fifth consecutive quarter of declines in domestic activity, amid the impact of the global pandemic and still subdued oil prices. The main negative contributions came from construction (-35.9 percent vs -26.7 percent in Q2); diamonds & other minerals extraction (-24.5 percent vs -15.8 percent); oil extraction & refining (-5.1 percent vs -8.2 percent); transport & storage (-81.3 percent vs -81.5 percent) and finance & insurance (-20.1 percent vs 1.3 percent). On a brighter note, activity expanded in manufacturing (9.4 percent vs -3.2 percent); agriculture (4.4 percent vs 1.2 percent) and post & telecommunications (1.7 percent vs 7.4 percent). On a quarterly basis, the GDP rose 2.7 percent, the most since the last quarter of 2016, following a 6.8 percent plunge in the second quarter. source: Instituto Nacional de Estatística, Angola

GDP Annual Growth Rate in Angola averaged 3.79 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 -12.30 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 April of 2021.

GDP Annual Growth Rate in Angola is expected to be 6.00 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 1.40 in 12 months time. In the long-term, the Angola GDP Annual Growth Rate is projected to trend around 2.50 percent in 2022 and 2.80 percent in 2023, according to our econometric models.

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Angola GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-5.80 -8.30 23.20 -12.30 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).