Oil Industry Ends Contraction, Pulling Angola Economy to Growth

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.

The oil and refining industry, which makes up about 26% of GDP, was the main driver of growth. The sector expanded 7.6% in the second quarter, after contracting 4.4% in the prior three months and 6.1% in the last quarter of 2022.Angola, Africa’s third-biggest oil producer, pumped 3.27 million barrels of oil in the second quarter, compared with 3.23 million barrels in the three months through March, according to data compiled by Bloomberg.

The finance and insurance industry expanded 23% on the quarter and 40% on the year. The growth was driven by insurance companies and commercial banks reporting 38% and 50% increases in income respectively, the statistics agency said.Laurentian Bank says Éric Provost has been appointed president and chief executive, following a computer outage at the bank last week.Rogers Communications Inc.

Brasil Últimas Notícias, Brasil Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Oil Industry to Act on Methane and Flaring, COP28 Chief SaysLarge swathes of the global oil industry will pledge to eliminate methane emissions and gas flaring by the end of the decade, the president of the COP28 climate summit said.
Fonte: BNNBloomberg - 🏆 83. / 50 Consulte Mais informação »

OPEC optimistic on demand, calls for more oil and gas investmentOPEC Secretary-General Haitham Al Ghais stressed the importance of continued investment in the oil and gas industry and said he sees calls to stop investing in oil as counterproductive
Fonte: globeandmail - 🏆 5. / 92 Consulte Mais informação »