The economy of Angola shrank 1.6 percent year-on-year in the third quarter of 2018, after a downwardly revised 4.5 percent decline in the previous period. It is the fourth consecutive quarter of contraction though at the slowest pace since Q4 2017. Output fell for: oil extraction and refining (-10.6% vs -8.4% in Q2) and extraction of diamonds and other minerals (-16.5% vs -6.1%); transport & storage (-5.9% vs 0.7%); posts and telecommunications (-3.5% vs -5.3%); other services (-3.6% vs -6.8%); fisheries (-18.9% vs -10%) and agro-livestock (-2.3% vs -2.5%). In contrast, notable recoveries were seen in manufacturing (6.2% vs -8.0%); construction (0.7% vs -1.1%); internal trade (0.3% vs -10.6%) and public administration, defense and social security (3.6% vs -4.2%). Also, financial intermediation and insurance services grew strongly (16.8% vs 2.3%). GDP Annual Growth Rate in Angola averaged 4.88 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 1.40 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 2.10 in 12 months time. In the long-term, the Angola GDP Annual Growth Rate is projected to trend around 2.60 percent in 2020, according to our econometric models.