Angola’s GDP increases by 20.6 percent in 2005

11 May 2006

Luanda, Angola, 11 May – The real growth rate of Angola’s gross domestic product (GDP) was 20.6 percent in 2005, the highest since the country’s independence form Portugal, according to the Permanent Commission of Cabinet Meetings (CPCMA).

In a statement issued after the end of the meeting, the CPCMA also said that in 2005, public investments – valued at around US$810 million – had an important catalytic effect on the national economy both as an incentive to private investment, which is estimated to have totaled US$6.3 million, as well a general improvement of the quality of life of Angola’s population.

“In general terms of employment, the balance points to an unemployment rate in 2005 of around 29.2 percent, which is an improvement in relation to 2004, in which the arte stood at 34 percent,” the meeting’s statement said.

The report highlights the results achieved within the framework of macroeconomic stability, the positive effects of which can be seen in exchange rate stability, increased confidence in the country’s currency, control of the budget deficit and greater transparency in the state’s accounts.

The Permanent Commission, also according to the document, analyzed the Report on Execution of the Public Investment from 2000 to 2006, relating to 2005, which summarizes the extent to which the Program was fulfilled and points to the reasons behind its performance.

The balance showed that 1663 projects were enrolled in the Public Investment Program for 2005, of which 52 percent were carried out or are currently underway, in the areas of education, health, public works, and power and water. (macauhub)