Angola posts one of strongest second-quarter growth rates

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Non-oil activity and recovering crude production accelerated growth in 2026, although a discrepancy between international and official data remains unresolved

LUANDA — Angola recorded one of the strongest economic expansions among countries reporting second-quarter results, as accelerating non-oil activity combined with a recovery in crude production.

A survey by Brazilian credit-rating agency Austin Rating, published on September 2 and covering 50 economies, ranked Angola third, with quarterly growth of 0.7 per cent. Ireland led with 1 per cent, followed by Indonesia at 0.9 per cent. Angola outperformed Malaysia, at 0.6 per cent, and Brazil, at 0.5 per cent.

The Angolan rate was more than three times the survey’s 0.2 per cent average. It also exceeded growth in the US, at 0.4 per cent, China, at 0.2 per cent, and the eurozone, at 0.1 per cent.

Angola’s official data, however, show a considerably stronger performance. The National Statistics Institute said gross domestic product expanded by a seasonally adjusted 2.75 per cent from the previous quarter and by 8.74 per cent compared with the same period in 2025.

The difference between the official 2.75 per cent quarterly rate and the 0.7 per cent used by Austin has not been explained. It may reflect different data vintages or statistical treatment, but the discrepancy should be resolved before definitive international comparisons are made.

Annual growth accelerated from 5.32 per cent in the first quarter. Output expanded 7.15 per cent during the first half of 2026, while growth over the four quarters ending in June reached 5.4 per cent.

Nominal output in the second quarter was approximately $47.4bn, converted from Kz43.43tn at an exchange rate of about Kz917 per dollar on August 28. The dollar figure is indicative and may vary with exchange-rate movements.

The non-oil economy, accounting for 83.96 per cent of GDP, expanded 9.24 per cent year on year. Oil activity, representing 16.04 per cent, grew 5.64 per cent.

Diamond and other mineral extraction rose 16.46 per cent, information and communications 14.3 per cent, accommodation and food services 12.59 per cent, manufacturing 12.22 per cent, and financial services 11.83 per cent.

The data suggest Angola’s growth base is broadening beyond oil, a central objective of President João Lourenço’s economic programme. But one quarter cannot establish a lasting structural transformation. The test will be whether stronger output translates into sustained private investment, productivity and employment while reducing Angola’s exposure to oil prices.