Government of Angola forecasts economic growth of 16.2 percent in 2008

30 October 2007

Luanda, Angola, 30 Oct – The Angolan economy is projected to grow by 16.2 percent in 2008, lower than the growth forecast for this year and the forecasts of the International Monetary Fund (IMF), the Angolan government announced Monday in Luanda.

In a statement, the Ministry of Finance said that inflation in 2008 would remain at around 10 percent, similar to the rate expected for 2007, which is expected to total around 12 percent.

According to the statement, the oil sector, which accounts for most of the country’s gross domestic product (GDP), is expected to see growth of 13.3 percent next year, while the non-oil sector is expected to grow by over 19.5 percent.

The IMF expects growth for this year of 23.1 percent, and 27.2 percent next year.

In August, the government lowered its forecast growth for 2007, from 31.2 percent to 19.8 percent, reflecting the fall in oil revenues and value of the kwanza.

Last year, the Angolan economy posted growth of 16.1 percent, mainly due to a rise in oil production and exports. (macauhub)