The economy of Angola shrank 7.4 percent in the second quarter of 2018, following a 4.7 percent contraction in the previous period. It was the highest contraction since the third quarter of 2016, as output dropped for manufacturing (-8.8 percent from 0.1 percent in Q1); construction (-0.7 percent from 9.0 percent); public administration, defense and social security (-5.9 percent from 3.2 percent); posts and telecommunication (-5.3 percent from 7.5 percent) and other services (-6.2 percent from 1.2 percent). Additionally, production decreased further for oil extraction and refining (-8.4 percent from -7.0 percent) and trade (-4.3 percent from -1.0 percent). Also, output growth slowed for financial intermediation and insurance (2.3 percent from 6.4 percent) and transport and storage (0.7 percent from 1.0 percent). Meanwhile, utilities (37.0 percent from 21.7 percent) and real state (3.0 percent from 2.9 percent) advanced faster. GDP Annual Growth Rate in Angola averaged 4.91 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 -11.30 percent in the fourth quarter of 2015.
GDP Annual Growth Rate in Angola is expected to be 2.20 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 2.50 in 12 months time. In the long-term, the Angola GDP Annual Growth Rate is projected to trend around 4.70 percent in 2020, according to our econometric models.