Oil Industry Ends Contraction, Pulling Angola Economy to Growth

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 50%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

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.

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

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
Source: globeandmail - 🏆 5. / 92 Read more »