Oil Industry Ends Contraction, Pulling Angola Economy to Growth
Angola is Africa’s third-biggest oil producer.
Source: AFP/Getty Images
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Angola’s economy expanded in the second quarter after the OPEC member’s largest industry — oil and refining — ended two consecutive quarters of contraction.
Gross domestic product rose 0.2% in the three months through June, compared with a 1.1% decline in the prior quarter, the Luanda-based statistics agency said in a report published on its website on Monday. The year-on-year rate was flat, compared with 0.3% growth in the previous three-month period.