Angola's economy presented a year-on-year fall of 7.4% in GDP growth, which has been going down for three quarters in a row. The country's high exposure to the oil industry is promoting this fall.
Angolan GDP is spiralling downwards for three quarters now, and according to the country’s National Statistics Office, GDP went down by 7.4% on the year-on-year variation.
Fitch Solutions, a consulting company, also announced last month that the Angolan GDP would be lower than previously expected, moving its estimates of Angolan GDP growth from 2.8% to 1.5%, mostly due to ” the decline in oil production in the country”, the company’s memo to investors read.
The country’s economic performance is notably dependent on the refinery business, and this activity was the most representative contributor (37%) for GDP on the second quarter of 2018, according to INE’s press release. Trade was the second most representative contributor (15.1%), followed by an income line called “Other services” (8.5%).
After these comes the construction works area, which contributed 7.8% for GDP in the second quarter of 2018, followed by Agricultural activities (6.1%).