Angola’s economy one of fastest growing in the world, Finance minister says

28 July 2006

Luanda, Angola, 28 July – Angola’s Finance minister, José Pedro Morais, said Thursday in Luanda that his country had one of the fastest growing economies in the world, with an expected growth rate in 2006 of 20.6 percent, driven by increased oil production and a recovery of the non-oil sector.

Speaking during a conference on the theme of “Financing in the Internal Market” Morais said that in the non-oil sector agricultural production had improved thanks to progress made in the process of mine clearing, the introduction of irrigation systems and the social reintegration of displaced people.

He added that the construction sector was experiencing record growth levels, driven by numerous public and private projects underway in all of the country’s provinces.

The minister said that over the last three years the Angolan economy had grown by an annual average of 12.5 percent and as a result, per capita income now stood at around US$2,000, which placed Angola in the medium-income group of countries.

According to Morais, the government’s accounts had significantly improved, with a tax surplus of 8.5 percent of GDP posted in 2005, as compared with 1.1 percent in 2004.

He said that social expenditure had increase din 2005, and represented 29 percent of total spending, as compared with 18 percent in 2004.

the conference was organized by the Portugal/Angola Chamber of Commerce and sponsored by Banco Espírito Santo Angola. (macauhub)