Angola is Portuguese-speaking African country to grow most over next few years

14 December 2006

Washington, United States, 14 Dec – Angola is the Portuguese-speaking African country expected to post the most growth in the next few years, with two-figure rates, according to the World Bank.

The Global Economic Prospects of the World Bank showed that Angola’s Gross Domestic Product (GDP) is expected to grow 16.9 percent this year, with a slight slowdown in relation to 2005, growth of 22.3 percent in 2007 due to new oil fields and more efficient ways of extracting oil.

In 2008 the World Bank expects growth of 15.7 percent for Angola’s economy.

These figures compare to growth projects for the economies of sub-Saharan Africa of 5.3 percent for 2007 and 5.4 percent for 2008.

In the group of Portuguese-speaking African countries, Angola is expected to show the greatest growth as Cape Verde is expected to see growth of just under 6 percent, Guinea Bissau may expand by around 3 percent and Mozambique’s GDP growth rate is expected to be close to 7 percent.

No projections are available for Sao Tome and Principe.

The foreign deficit, measured by the balance of accounts, will vary amongst the PALOP: it will improve in Cape Verde (to 8.2 percent of GDP in 2008) and deteriorate in Mozambique and Guinea Bissau.

In Angola the surplus will increase again to 13.1 percent of GDP within two years. (macauhub)