{"id":146533,"date":"2023-05-05T20:38:05","date_gmt":"2023-05-05T18:38:05","guid":{"rendered":"https:\/\/southafricatoday.net\/africa-news\/southern-africa\/angola\/angola-forecasts-3-6-gross-domestic-product-gdp-growth-over-next-5-years-minister-says\/"},"modified":"2023-05-05T20:38:05","modified_gmt":"2023-05-05T18:38:05","slug":"angola-forecasts-3-6-gross-domestic-product-gdp-growth-over-next-5-years-minister-says","status":"publish","type":"post","link":"https:\/\/southafricatoday.net\/africa-news\/southern-africa\/angola\/angola-forecasts-3-6-gross-domestic-product-gdp-growth-over-next-5-years-minister-says\/","title":{"rendered":"Angola Forecasts 3.6% Gross Domestic Product (GDP) Growth Over Next 5 Years, Minister Says"},"content":{"rendered":"

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Angola\u2019s Minister of Economy and Planning, H.E. M\u00e1rio Caetano Jo\u00e3o, has indicated that the southern African country is forecasting economic growth of 3% in 2023, with an increase to an average of over 3.6% between 2023 and 2027. Announced on 26 April, the Minister highlighted that economic growth in Angola will be driven primarily by the country\u2019s oil sector.<\/p>\n<\/p>\n

Oil sector growth during the forecast period is expected to average 1%, while non-oil growth is poised to average 4.6%, H.E. Minister Jo\u00e3o indicated. Decreased oil production in the country and reduced fiscal impulse, however, is set to moderate the country\u2019s economic growth in 2023, thus falling below the country\u2019s projected population growth of 3.1%.<\/p>\n<\/p>\n

Despite this downturn, recent discoveries in the country are set to attract more investment into Angola\u2019s oil sector, with exploration efforts by oil and gas supermajor, ExxonMobil in 2022 having resulted in in the discovery of 30m of high-quality, hydrocarbon-bearing sandstone. Meanwhile, in 2022, energy major TotalEnergies announced its intention to invest $3 billion in Angola for projects related to oil exploration.<\/p>\n<\/p>\n

With the country\u2019s economy intrinsically linked to global oil demand, higher oil prices in 2022 allowed Angola\u2019s currency to appreciate by 26.2% while fiscal expansion has served to strengthen domestic demand and generate growth in private consumption, which is estimated at approximately 5%.<\/p>\n<\/p>\n

Economic reforms in Angola over the past five years have allowed the country to improve macroeconomic management and public sector governance, with stability having been attributed to a more flexible exchange rate regime, central bank autonomy, favorable monetary policies, and fiscal consolidation. As such, the promotion of greater private sector participation in Angola\u2019s economy is poised to increase the stability of the financial sector while reducing the impact of volatility within the oil sector.<\/p>\n<\/p>\n

However, it has been noted by international financial institution, the World Bank, that in order for Angola to transform its economy towards a more sustainable, inclusive, and private sector-led model, the country will require strong political commitment to transform and diversify its state-led, oil-funded economy to improve macroeconomic management and public sector governance. Upcoming natural gas and renewable energy projects, however, offer diversification opportunities, enabling the Angolan economy to grow on the back of sustainable energy.<\/p>\n<\/p>\n

Angola\u2019s economic outlook, oil demand and supply trends, and ongoing diversification efforts will be further unpacked during this year\u2019s edition of the country\u2019s premier energy event: Angola Oil & Gas (AOG), taking place in Luanda this year. Organized by Energy Capital & Power, AOG\u00a0 makes its return in 2023 for its fourth edition, bringing together African energy and petroleum ministers, global investors and thought-leaders and project developers and service companies to discuss the future of Angolan energy. Building on the event\u2019s long-standing partnership with Angola\u2019s Ministry of Mineral Resources, Oil and Gas and national oil company Sonangol, AOG 2023 represents the platform where discussions will be held and deals signed that will shape the trajectory of Angola\u2019s energy future.<\/p>\n

Distributed by APO Group on behalf of Energy Capital & Power.<\/i><\/p>\n

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South Africa Today Africa \u2013 Southern Africa Angola<\/a> News<\/p>\n","protected":false},"excerpt":{"rendered":"

Download logo Angola\u2019s Minister of Economy and Planning, H.E. M\u00e1rio Caetano Jo\u00e3o, has indicated that the southern African country is forecasting economic growth of 3% in 2023, with an increase to an average of over 3.6% between 2023 and 2027. Announced on 26 April, the Minister highlighted that economic growth in Angola will be driven […]<\/p>\n","protected":false},"author":11,"featured_media":146534,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/energycapitalandpower.africa-newsroom.com\/files\/large\/bc97bda5e3bfa79","fifu_image_alt":"","footnotes":""},"categories":[4262],"tags":[258,256,3941,4263,6811,21148,13289,26309,6641,5941,257,8829,254,5114],"class_list":["post-146533","post","type-post","status-publish","format-standard","has-post-thumbnail","category-angola","tag-africa","tag-africa-news","tag-angola","tag-angola-news","tag-domestic","tag-forecasts","tag-gdp","tag-growth","tag-minister","tag-news","tag-product","tag-south-africa-today","tag-years"],"fifu_image_url":"https:\/\/energycapitalandpower.africa-newsroom.com\/files\/large\/bc97bda5e3bfa79","_links":{"self":[{"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/posts\/146533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/comments?post=146533"}],"version-history":[{"count":0,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/posts\/146533\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/media\/146534"}],"wp:attachment":[{"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/media?parent=146533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/categories?post=146533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/tags?post=146533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}