Angolan economy grew 18.6 pct in 2006

1 August 2007

Luanda, Angola, 1 Aug – Angola’s economy expanded by 18.6 percent last year, with stronger performance by the country’s non-oil sector than the petroleum industry, Planning Minister Ana Dias Lourenço has said.

Presenting a report to the Luanda parliament Tuesday on the implementation of Angola’s 2006 budget, Dias Lourenço said growth in the oil sector last year was 13.1 percent, compared to the 25.7 percent achieved in the non-oil sector.

Total investments in 2006 were 31.4 percent of GDP, compared to 23.5 in 2005, with private investment accounting for 27.7 percent of GDP and state investment 3.7 percent, added the minister.

In real terms, Angola’s manufacturing industry showed the largest growth at 44.7 percent, although this was largely driven by strong performance in the drinks sector with expansion of 36 percent.

Around 308,000 jobs were created in 2006 in various economic sectors, with agriculture leading this employment growth through the creation of 72,230 jobs.

Dias Lourenço also told Angolan MPs that the country’s national economy benefited from exceptional international conditions in 2006, both in terms of world economic growth and the behavior of international oil prices. (macauhub)