Angolan exports hit US$ 20 billion in 2005

2 January 2006

Luanda, Angola, 2 Jan – Continuing high world oil prices meant that Angola’s exports reached a record value of US$ 20 billion in 2005, the head of the country’s central bank has said.

Amadeu Mauricio, governor of the National Bank of Angola, said Saturday that Luanda’s exports for 2005 were 48 percent up on the previous year’s value of US$ 13. 5 billion recorded in the previous year.

Imports in 2005 were worth a total of US 9 billion, some US$ 3.8 billion more than in the previous 12 months.

Oil production continues to be the main engine of Angola’s economy and crude output is forecast to almost double to 2.1 million barrels daily by 2008.

Mauricio, speaking to heads of Angola’s private banks, noted that growth of 27.9 percent is expected for the coming year, probably the highest economic expansion rate in the word.

“Growth of Angola’s economy has even overtaken emerging Asian economies and has been among the most successful on the world economic stage in the last 20 years,” said the central bank chief.

GDP growth in Angola will hit 15.5 percent, well above the world average of 4.3 percent, during 2006, added Mauricio. (macauhub)