National wealth rises 4.6% in the first quarter ‘pushed’ by the oil sector.

Activities that contributed most to the performance of economic activity in this period, according to INE, were the extraction and refining of crude oil and natural gas, with 30.4%, and trade (26.8%).

The Angolan Gross Domestic Product (GDP) closed the first three months of 2024 recording growth of 4.6% to 18.3 billion Kwanzas, according to figures from the National Statistics Institute, extracted from the Quick Information Sheet ( FIR) from that body.

In year-on-year terms, this 4.6% in the first quarter of the year represents the largest increase seen since the first quarter of 2015. During this period, there was widespread growth in all sectors of the economy, a fact that indicates a robust recovery and the effectiveness of the economic policies implemented.

In practice, GDP in the first quarter of this year totaled 18,327,957 million kwanzas (around 19 billion euros), of which 180,473 million kwanzas (195 million euros) were due to taxes on products, net of subsidies.

The activities that contributed most to the performance of economic activity in this period, according to INE, were the extraction and refining of crude oil and natural gas, with 30.4%, and trade (26.8%).

This stability in the oil sector, the document states, strengthens the country's economic base, but maintains continued dependence on oil, highlighting the need for economic diversification.

As for the agricultural sector, growth of 6.2% was recorded, as a result of government initiatives to support family farming and the implementation of new technologies in this activity, a crucial factor for food security and reducing dependence on imports.

The industrial sector shows growth of 4.8%, with the increase in manufacturing production and construction activities, driven by investments in infrastructure, contributing to this figure.

Industrial growth directly implies the creation of jobs and the development of skills, essential for the country's economic sustainability.

With agencies

National wealth rises 4.6% in the first quarter ‘pushed’ by the oil sector

Activities that contributed most to the performance of economic activity in this period, according to INE, were the extraction and refining of crude oil and natural gas, with 30.4%, and trade (26.8%).

Jul 4, 2024 - 11:40
National wealth rises 4.6% in the first quarter ‘pushed’ by the oil sector
© Photography by: DR
National wealth rises 4.6% in the first quarter ‘pushed’ by the oil sector

The Angolan Gross Domestic Product (GDP) closed the first three months of 2024 recording growth of 4.6% to 18.3 billion Kwanzas, according to figures from the National Statistics Institute, extracted from the Quick Information Sheet ( FIR) from that body.

In year-on-year terms, this 4.6% in the first quarter of the year represents the largest increase seen since the first quarter of 2015. During this period, there was widespread growth in all sectors of the economy, a fact that indicates a robust recovery and the effectiveness of the economic policies implemented.

In practice, GDP in the first quarter of this year totaled 18,327,957 million kwanzas (around 19 billion euros), of which 180,473 million kwanzas (195 million euros) were due to taxes on products, net of subsidies.

The activities that contributed most to the performance of economic activity in this period, according to INE, were the extraction and refining of crude oil and natural gas, with 30.4%, and trade (26.8%).

This stability in the oil sector, the document states, strengthens the country's economic base, but maintains continued dependence on oil, highlighting the need for economic diversification.

As for the agricultural sector, growth of 6.2% was recorded, as a result of government initiatives to support family farming and the implementation of new technologies in this activity, a crucial factor for food security and reducing dependence on imports.

The industrial sector shows growth of 4.8%, with the increase in manufacturing production and construction activities, driven by investments in infrastructure, contributing to this figure.

Industrial growth directly implies the creation of jobs and the development of skills, essential for the country's economic sustainability.

With agencies