Angola GDP Growth Slows But Remains Robust

Angola's economy grew by 3.6% in the fourth quarter of 2024, marking the 15th consecutive quarter of expansion, following a 5.5% advance in the previous three-month period.

This growth was largely driven by the strong performance in diamond and mineral extraction, which increased by 62.4%, compared to 42.4% in the previous quarter.

Significant positive contributions also came from activities such as post & telecommunications (6.4% vs +4.3%); public administration, defense, and mandatory social security (5.9% vs 4.4%); utilities (5.1% vs 3.1%); transport & storage (4% vs 6.7%) and trade (4% vs 4.7%).

Conversely, declines were seen in finance & insurance activity (-18.6% vs -6.8%) and extraction and refining of crude oil and natural gas (-0.8% vs 3%).

On a quarterly basis, GDP rose by just 0.1% in Q4, following a downwardly revised 2.2% rise in Q3.

For 2024 as a whole, the GDP rose by 4.4%, marking strongest expansion in a decade, with the last similar growth recorded in 2014 at 4.8%.