(miningreview.com) - In a recent report by Fitch Solutions, it stated its belief that real GDP growth in Angola will decelerate from an estimated 3.1% in 2022 to 1.8% in 2023. The latest available data from the Instituto Nacional de Estatística (INE) shows that real GDP growth slowed from 3.9% year-on-year in Q3,2022 to 2.6% year-on-year in Q4,2022, on the back of declining oil sector activity. The sector contributes to around 50.0% of GDP. Indeed, activity in the sector contracted by 5.2% year-on-year in Q4,2022, down from 2.7% growth in Q3,2022 due to lower external demand and refining margins. Fitch Solutions expects the oil sector will continue to weigh on growth over the coming quarters. Angola’s government has expanded its Privatisation Program (Propriv) until 2026, with 73 additional assets and companies to be privatised. This is aimed at increasing private sector involvement, attracting investments, and boosting employment and economic growth.
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