Tue, 01 Dec 2020

Angola's GDP shrinks 8.8 pct in Q2

27 Oct 2020, 17:18 GMT+10

LUANDA, Oct. 27 (Xinhua) -- Angola's Gross Domestic Product (GDP) shrank 8.8 percent in the second quarter of this year compared with the same period in 2019, Director of the Angolan National Institute of Statistics (INE) Channey Rosa John said on Monday.

The negative performance of the economic activities is mainly attributed to the sectors of fisheries (-27.8 percent), oil (-8.2 percent), diamond exploitation (-15.6 percent), transport (-78.9 percent) and real estate (-17.6 percent).

In terms of economic participation, the sectors that contributed most to the contraction of Angola's economic activity during this period is the oil extraction and refining (-37.8 percent), trade (-15.7 percent), and other services (-9.5 percent).

Restrictions imposed to mitigate the spread of the COVID-19 in the country has mainly led to the contraction.

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