Angola’s GDP expected to grow 27.9 percent in 2006

3 March 2006

Luanda, Angola, 03 March – The non-petrol sector in Angola is forecast to increase 11.9 percent this year, with the country’s gross domestic product (GDP) posting an increase of 27.9 percent, Angola’s finance minister, José Pedro de Morais said Thursday.

Morais, who was speaking at the closing session of the Capital Markets Forum in Luanda, said that the oil sector would continue to have a huge economic importance and was forecast to grow by 37.2 percent.

Angola’s GDP in 2003 increased 3.4 percent in 2003, 11.7 percent in 2004 and 15.5 percent in 2005, Morais told an audience of over 200 people.

Morais said that in the past it had not been possible to talk about saving in Angola, as there was a growing consumption trend in the country as well as of speculation, which was the reason why it had not been possible to set up a capital market.

As some of these constraints had now been overcome, Morais said, the benefits of the government strategy had been seen in the increase of internal saving, which could now be channeled into the financial market, into banks and in future the stock market.

The Capital Markets Forum, which began Wednesday, analyzed stock market regulation, insurance companies and pension funds as investments, and financial mediation amongst other issues.

The Forum took place at a time when the Angola’s market regulator, the Capital Markets Commission, is setting up technical and financial conditions to launch Angola’s first stock and derivatives (BVDA). (macauhub)