Angolan GDP to grow between 15% and 27.9% in 2006, ruling party says

9 December 2005

Luanda, Angola, 09 Dec – Angola’s Gross Domestic product (GDP) will grow between 15 percent and 27.9 percent in 2006, one of the highest growth rates in the world, the economic and social secretary for the Political Bureau of Angola’s ruling party, Manuel Júnior said Thursady in Luanda.

Speaking at the opening session of a seminar entitled, “Structural Factors for Economic Development,” to celebrate the 49th anniversary of Angola’s governing party, the Popular Movement for the Liberation of Angola (MPLA), Júnior said the growth rates would have a direct effect on levels of employment, family income and the general wellbeing of the Angolan population.

Júnior, who is also Angola’s deputy finance minister, explained that although the growth rate was related to the oil and gas sector the non-oil related part of the economy was recovering in a satisfactory way.

“Of the 15 percent forecast for GDP growth this year, 10.4 percent is accounted for by the non-oil sector,” he said. For 2006 the non-oil sector should contribute 11.9 percent to GDP growth.

The macroeconomic stabilization process, according to Júnior, had allowed the government to control inflation, which is expected to total 17 percent this year, after 31 percent in 2004, 71 percent in 2003 and 102 percent in 2002.

“For 2006 inflation is forecast at 10 percent,” Júnior added. (macauhub)