The economy of Angola shrank 0.4 percent year-on-year in the first quarter of 2019, after an upwardly revised 2.6 percent growth in the previous period. The downturn mainly reflected declines in oil extraction and refining (-6.9% vs -9.6% in Q4); manufacturing (-6.5% vs 9.2%); internal trade (-3.2% vs 24%); post & telecommunications (-6.8% vs 9.3%); finance & insurance (-4.8% vs 18.7%) and fishing (-7.4% vs -24.6%). Also, output growth weakened markedly for extraction of diamonds and other minerals (0.1% vs 1.5%) and utilities (9.9% vs 17.2%). In contrast, construction rose solidly (11.3% vs 5.7%). GDP Annual Growth Rate in Angola averaged 4.69 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.
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 0.40 in 12 months time. In the long-term, the Angola GDP Annual Growth Rate is projected to trend around 2.00 percent in 2020, according to our econometric models.