Luanda – Angola’s Gross Domestic Product (GDP) growth of roughly 4.6 percent in the first quarter of 2024 signals a recovery in economic activity, the Secretary of State for Planning, Luís Epalanga, said Monday in Luanda.
In the first quarter of 2024, the GDP grew by around 4.6%, compared to 2.1% in the fourth quarter of 2023, representing the highest performance since the first quarter of 2015, when GDP was 13.5%.
Speaking at a press conference to present the quarterly GDP data from the National Accounts, published by the National Statistics Institute (INE), the Secretary of State for Planning stressed that the positive performance is due to the growth in the oil sector, including gas, 6.9 percent and in the non-oil sector of 3.9 percent.
The figures, he said, are the result of measures to stimulate the economy and boost its potential, which have been implemented by the government since July 2023 to increase and diversify national production.
As regards to production increase and access to finance for the business sector, the official explained that 43 billion kwanzas have been made available by the BAI bank to finance agricultural credit for the 2023/2024 campaign and boost farmers and producers already operating in this sector.
According to the Secretary of State, 735 Community projects have been approved worth 6.3 billion kwanzas.
Luís Epalanga said at least 62 cooperatives in Namibe, Benguela and Uíge have received funding for the purchase of 109 motor cultivators and 49 tractors for the mechanization of family farming.
Epalanga explained that the Credit Guarantee Fund (FGC) has been capitalized with 50 billion kwanzas to issue 194 credit guarantees worth 33 billion kwanzas, which generated 51 billion kwanzas in financing.
He added that the Angolan Active Venture Capital Fund (FACRA) had also been capitalized with five billion kwanzas, for 15 projects worth around 4.6 billion kwanzas, in the provinces of Benguela, Bié, Cuanza Norte, Cuanza Sul, Huambo, Huíla, Luanda and Zaire.
According to palanga, the Angolan Development Bank, with 20 billion kwanzas, disbursed 6.07 billion kwanzas for 20 projects in the agriculture and fisheries sectors in the provinces of Luanda, Benguela, Bié, Cuanza Norte, Cuanza Sul, Huambo, Huíla and Zaire.HM/ASS/AMP
