Luanda – The Angolan Gross Domestic Product (GDP) grew 4.6% during the first quarter of 2024, recording the highest growth rate since 2015, according to the National Statistics Institute (INE).
GDP is the economic variable that accounts for all final goods and services produced in a given country, in general, including the production of national and foreign companies that operate in Angola, for example, without taking into account the income of Angolan institutions and individuals. operating in other countries.
According to the INE Quick Information Sheet (FIR) account report, during this period, there was widespread growth in all sectors of the economy, a fact that indicates a robust recovery and the effectiveness of the economic policies implemented.
The report details the performance of each sector and offers strategic analysis for the coming quarters.
The INE document points out that the oil sector grew 3.5%, due to stability in international oil prices and an increase in national production.
This stability in the oil sector, the document states, strengthens the country's economic base, but maintains continued dependence on oil, highlighting the need for economic diversification.
As for the agricultural sector, growth of 6.2% was recorded, as a result of government initiatives to support family farming and the implementation of new technologies in this activity, a crucial factor for food security and reducing dependence on imports.
The industrial sector shows growth of 4.8%, with the increase in manufacturing production and construction activities, driven by investments in infrastructure, contributing to this figure.
Industrial growth directly implies the creation of jobs and the development of skills, essential for the country's economic sustainability.
In the report, data indicates that the services sector shows growth of 5.1%, as a result of improvements in telecommunications services, increasing digitalization and the recovery of tourism and hospitality.
As the document states, the expansion of the services sector diversifies the economy and improves economic resilience.
On the other hand, INE recommends maintaining investments in infrastructure, as a crucial support to sustain industrial growth and attract new private investors.
Another recommendation concerns incentives for technological innovation, with a focus on digitalization and the adoption of new technologies in all sectors, to increase productivity and competitiveness. OPF/QCB/DOJ
