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.

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