(Bloomberg) -- 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.

Read more: Angola Holds Rate as it Expects Inflation Uptick to Be Brief

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 nation’s currency depreciated by 39% in the second quarter, after remaining little changed in the first quarter, helping earn the country more from its crude exports. 

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.

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