Angola agriculture sector grows to 23% of GDP

Angola's economy is transforming, with the agro-pastoral sector nearly doubling its contribution to the Gross Domestic Product (GDP) over the past decade, now standing at approximately 23%. Minister of State for Economic Coordination José de Lima Massano announced this growth, noting that while oil exports still dominate foreign exchange, the agricultural sector's expansion is significant. The food segment alone constitutes 58% of the manufacturing industry, and industrial production rose 66% in September compared to the same period last year, according to the National Statistics Institute (INE).

Massano, speaking at the 50th anniversary of the National Bank of Angola (BNA), highlighted the importance of these figures, as food and non-alcoholic beverages account for 58% of Angola's Consumer Price Index. He stated that this structural economic shift supports the path towards sustained disinflation, or a slowdown in price increases. The minister advocated for continued public incentives to attract further investment in agriculture, manufacturing, logistics, and the promotion of national production.

The minister also reflected on Angola's history of high inflation, including hyperinflation, over the 50 years since independence. He credited legislative reforms and adjustments to monetary policy instruments for creating a new paradigm and mitigating inflationary pressures. Currently, Angola is experiencing price stability, and Massano stressed the need to safeguard these achievements against renewed inflationary pressures.

Why it mattersAngola's economic transformation, driven by agricultural growth, is helping to reduce inflation and stabilize prices for consumers.

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