Angolan Q1 GDP contracts by 2.2 pct as oil, commerce shrink

Official data indicate that Angolan gross domestic product was 2.2 percent smaller in the first quarter of this year than a year earlier, Angop reports.

The Angolan news agency, citing figures given by the Angolan National Institute of Statistics, says the contribution of fisheries to GDP shrank by 12.8 percent, the contribution of commerce by 8.8 percent, the contribution of oil extraction and refining by 7.3 percent, the contribution of mining by 6.7 percent, and the contribution of agriculture, animal husbandry and forestry by 1.5 percent.

Oil extraction and refining accounted for 33 percent of GDP, commerce for 15 percent and construction for 12 percent, Angop says.

Angolan Finance Minister Archer Mangueira forecast in June that the economy would grow by about 2.2 percent this year.