As the main indicator for measuring the generation of wealth in the economy, the report “Folha de Informação Rápido” by the National Statistics Institute (INE), from April to June, shows that the Gross Domestic Product (GDP), in period, was positively influenced by Commerce activities (0.26 percentage points); Transport and Storage (0.18 pp); Real Estate Services and Rentals (0.09 pp); Construction (0.06 pp); Public Administration (0.05 pp); Fisheries (0.005 pp); Mail and Telecommunications (0.04 pp); Financial Intermediation Services Indirectly Measured (0.03 pp); Other Services (0.02 pp).
On the other hand, the activities that contributed negatively to the quarterly change were Diamond mining and others (0.18 pp); Oil Extraction and Refining(0.12p.p); Agriculture and Livestock (0.03 pp); Manufacturing Industry (0.02 pp) and Electricity and Water (0.002 pp), respectively.
In the published document, available to the public as of today, INE also indicates, on the other hand, that the positive variation of a certain group of sectors is justified by the fact that there is an increase in activity in the hotel and restaurant services and other services provided to companies, as they account for more than 70 percent within the group of other services, in the assessment of the contribution by each economic sector.
Analysis by sectors
According to INE, the Gross Value Added (VAB) of Agriculture and Livestock grew by 3.5 percent in the second quarter of 2022, contributing positively by 0.28 pp to the total change in GDP . This variation was due to the increase in the production of agricultural crops, as well as livestock.
As for the Fisheries sectors, Gross Value Added (VAB) fell by -8.2 percent in the second quarter of 2022 compared to the same quarter of the previous year, contributing negatively by 0.30 pp to the total change in GDP. This drop was due to the period of sale and weak capture in the period in question.
Oil, in turn, appears with GVA growing by 2.2 percent in the second quarter of 2022 compared to the same quarter of the previous year, which contributed positively by 0.71 percentage points (pp) to the total change in oil prices. GDP.
In relation to refined products, there was an increase of 23.82 percent, compared to the planned.
Another mineral, in this case diamond, appears with a GVA of 40.3 in an indicator of growth of 40.3 percent in the second quarter of this year when compared to the same quarter of the previous year. This contributed positively, by 0.79 pp, to the total change in GDP.
The incorporation of carats from semi-industrial production and the increase in production from the various concessions, due to favorable weather conditions, justify the exponential growth in the period in question, according to INE in the Quick Information Sheet of the second quarter.
The Manufacturing Industry, on the other hand, presented a Gross Value Added (VAB) with an increase of around 2.7 percent, in the second quarter of 2022, in relation to the same quarter of the previous year, contributing positively by 0.12 pp to the total change in GDP.
This increase was due to the positive variation in production in the food sector, particularly in the activity of milling, pasta and bakery products; production of beverages and tobacco, and manufacture of non-metallic products; as the three activities represent over 70 percent of the sector.
Electricity grew by 2.2 percent in the second quarter of 2022 compared to the same quarter of the previous year, and this contributed positively by 0.02 pp to the total change in GDP.
The variation is the result of the continuous natural evolution of the load. On the other hand, the Construction sector presented a Gross Value Added growth of around 6.2 percent, in the second quarter of 2022 in relation to the same quarter of the previous year. The positive contribution to the total change in GDP is 0.32 pp
The Gross Domestic Product (GDP) is the value of the wealth generated in the country during the production process in a given period. GDP works as an economic indicator of the country’s level of development.
“This trend shows that the goals will be exceeded”
Economist Augusto Fernandes told Jornal de Angola that the 3.6 percent growth in GDP shows the robustness of the economy, within the framework of the policies outlined by the Angolan government for the current year.
As has been the practice, highlights the expert, INE “has just published the Quarterly National Accounts for the 2nd Quarter of 2022 in its quick information sheet, where in various graphs and tables it presents the evolution of GDP in its different bases of comparison”.
“The document compares the GDP of the 1st Quarter of 2022 with the GDP of the 2nd Quarter of the same year, and concluded that the GDP grew by 0.5% and year on year, when compared to the 2nd Quarter of 2021, with the 2nd Quarter of 2022, GDP grew by 3.6%, which is quite good, this trend shows that the economic growth targets programmed by the Executive, for the year 2022, will be positively exceeded, although the aforementioned growth remains anchored in the oil sector”, he explains.