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Angola plans economic growth of 2.4 percent in 2022

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Angola plans economic growth of 2.4 percent in 2022

Luanda, Mar 3 (Prensa Latina) Angola's Gross Domestic Product (GDP) might grow 2.4 percent in 2022 to confirm the end of a long period of recession, according to official assessments.
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Minister of State for Economic Coordination Manuel Nunes Junior noted that the upturn will be the result of the political and economic reforms implemented by the current Government, since the beginning of its mandate in late 2017, the Jornal de Angola reported in its digital edition.

In an extensive interview granted to the newspaper, Nunes Junior, who is also a doctor in science, noted the macroeconomic stability achieved by Angola and the harvest of the “first fruits” in the real economy; that is, in the production of goods and services.

The GDP forecasts for 2022 are based on the possible growth of the oil sector by 1.3 percentage points and of the non-oil branches by 3.1 percent, he said.

He added that greater contributions are expected from agriculture, fishing, industry, construction, commerce, transport and other services, due to the ongoing program to diversify the domestic economy.

Estimates by major international financial institutions and rating agencies point to the end of the recession in 2021, even with a drop in the oil sector of around 10.6 percent, he said.

“If the numbers are confirmed, it will be very good for the country and for Angolans: 2021 will mark the end of a long period of economic recession,” Nunes Junior said.

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