Angola’s GDP grows 5.5% in Q3 2024

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Johannesburg, South Africa – Angola’s Gross Domestic Product (GDP) grew by 5.5% in the third quarter of 2024 compared to the same period in 2023, reaching a total of 21.04 trillion kwanzas, according to data from the National Statistics Institute (INE).

This strong performance underscores the positive effects of economic diversification efforts and structural reforms implemented by the government to stabilize and strengthen the economy.

AfricaHeadline Reports Team
editorial@dw-demosnewstaion.online 

The fishing sector stood out with the highest growth, recording a 24.4% increase year-on-year, contributing 0.58 percentage points (p.p.) to the overall GDP growth. This progress was driven by relaxed fishing bans and strategic initiatives, including pilot projects aimed at improving data collection.

The agriculture and forestry sector also posted significant gains, growing 4.3%, supported by a 5.5% rise in agricultural production, which accounts for 85% of the sector’s output, adding 0.23 p.p. to the GDP.

The oil and refining sector remained a key pillar of the economy, with a growth of 3.0% and a contribution of 0.66 p.p.to GDP.

This increase was driven by a 2.2% rise in crude oil extraction and a robust 14% growth in liquefied natural gas (LNG) production, maintaining the sector’s dominant position, representing over 90% of Angola’s energy production. The trade and telecommunications sectors also played important roles, adding 0.4 p.p. and 0.12 p.p., respectively, to GDP growth.

In terms of value-added contributions by sector, highlights include 6.17 trillion kwanzas from oil and refining, 4.74 trillion from trade, 2.39 trillion from agriculture, 1.22 trillion from fishing, and 1.82 trillion from manufacturing.

The construction sector contributed 992 billion kwanzas, real estate services added 576 billion, and the transport sector accounted for 193 billion.

Angola’s Q3 2024 GDP results reflect the effectiveness of government policies aimed at fostering macroeconomic stability and implementing structural reforms.

The data shows clear progress in diversifying the economy and reducing dependence on oil, while laying the groundwork for sustainable and inclusive growth. This performance strengthens Angola’s position as a resilient and forward-looking economy ready to tackle global challenges.