Angola Economy Contracted 4.3%

Angola’s economic growth contracted by 4.3% in the third quarter of 2016 after shrinking by 7.8% in the second quarter, the National Institute of Statistics said late Friday, Reuters reported. “The adverse international environment, with a significant drop in the price of oil are reflected in the GDP growth rates,” the INE said in a statement on its website. Weaker oil prices in the last three years have constrained growth and put state finances under pressure in Africa’s second- biggest crude producer, with the IMF saying in January government debt would exceed 70% of GDP by year-end.