UN Economic Commission highlights Angola’s performance

2 April 2007

Luanda, Angola, 2 April – The United Nations Economic Commission for Africa (UNECA), highlighted Angola as the second best-performing African country in terms of economic results in 2006, with gross domestic product (GDP) growth of around 17.6 percent.

According to a document from UNECA on the ‘development of the economic and social situation of Africa,” obtained by Angolan news agency Angop, amongst ten African countries with the best results in 2006, Angola was placed second after Mauritania.

As indicators of the improved performance of the Angolan economy the document pointed to macroeconomic stability, the rise in value of its national currency (kwanza) and, as a consequence of this, a rise in foreign direct investment (FDI) in several of the country’s economic sectors.

However, despite the improved performance of sectors of the Angolan economy such as agriculture, fishing, and civil engineering, the oil sector continued to be the main “lever” of the country’s GDP, with a contribution of around 57 percent.

Africa as a whole, saw GDP growth of 5.7 percent in 2006, against 5.3 percent in 2005 and 5.2 percent in 2004.

In general, 26 countries saw significant economic growth over the last three years, said the UNECA document.

The ten countries with best results in 2006 were, in decreasing order, Mauritania, Angola, Mozambique, Sudan, Ethiopia, Libya, Liberia, the Democratic Republic of Congo, Congo Brazzaville and Malawi.

The worst performing African economy was Zimbabwe which in 2006 posted negative growth of 4.4 percent. (macauhub)