Angola GDP to rise 15.5 pct, according to revised 2006 state budget

16 August 2006

Luanda, Angola, 16 Aug – The Gross Domestic Product of Angola is expected to rise this year 15.5 percent, instead of the previous estimate of 27.9 percent, according to the revised 2006 state budget proposal approved Tuesday by Parliament.

The lower forecast of the main economic growth indicator was due to the downward revision of the growth rate of the oil sector, which the government now estimates to be 15 percent. The previous estimate, as stated in the original 2006 state budget approved in December of 2005, was 37 percent.

The macroeconomic forecast in the new state budget includes an increase of the average export price for a barrel of oil from US$ 45 to US$ 56, and a rise in the real growth rate of the non-oil sector from 11.9 to 16.2 percent.

The revised Angolan state budget for this year includes revenues estimated at 1.89 billion kwanzas (US$ 21.23 million). (macauhub)