Angola: Economy receives US$24.9 billion over three years

30 November 2007

Luanda, Angola, 30 Nov – The Angolan economy over the last three years received investments of US$24.9 billion, with the private sector responsible for almost 90 percent of the total invested, according to figures from the Ministry of Planning in Luanda.

According to newspaper Jornal de Angola, in the period from 2004 to 2006, the private sector almost tripled its investment, which rose from US$4.3 billion to US$11.4 billion.
The public sector also saw its investments rise almost four-fold, totaling US$1.5 billion in 2006 against US$387.7 million in 2004.

In the period, private sector investment posted average growth of 24 percent, whilst public investment rose an average of 3 percent.

2006 was the year of biggest growth, with private investments rising 27.85 percent and public investment increasing 3.66 percent.

Due to the investments made Angola’s unemployment rate fell by nine percentage points, from 34.3 percent to 25.2 percent last year.

The non-oil economy in 2006 posted its greatest growth of the last three years, of 25.7 percent, after having grown 9.3 percent in 2004 and 14.7 percent in 2005.

In this area, manufacturing industry was what saw greatest growth (44.7 percent), after rises of 24.9 percent in 2005 and 13.5 percent in 2004.

The agricultural sector, Angola’s largest employer, had growth of below 10 percent (9.8 percent) after having grown 17 percent in 2005 and 14.1 percent in 2004. (macauhub)