Angola: GDP growth slows to 5 pct in 2009 – OECD

13 May 2008

Maputo, Mozambique, 13 May – The growth of Angola’s economy is expected to slow to 5.1 percent in 2009, or half the level expected for 2008, due to OPEC’s production quota, the Organisation for Economic Cooperation and Development (OECD) said Monday in Maputo.

The real growth of Angol’s growth domestic product (GDP) “is expected to slow in 2008 and 2009” to 11.5 percent and 5.1 percent, respectively, “as growth of the oil sector slows, to 11 percent and 2 percent, assuming that the country fulfils the quota set by the Organisation of the Petroleum Exporting Countries (OPEC) of 1.9 million barrels per day.”

The figures are part of the “Economic Prospects for Africa 2008” report from the OECD and the African Development Bank (ADB), published on the sidelines of the opening session of the ADB general meeting, in Maputo, Mozambique.

For the conference’s host country, a slight slowing is expected – from 7 percent this year to 6.8 percent in 2009 – and the growth of Cape Verde’s economy is also expected to slow from 7.6 percent to 7 percent.

According to figures from the OECD and ADB, the Angolan economy grew by 19.8 percent last year, rising by 1.2 percentage points against 2006.

The report noted the positive contribution of oil revenues to the Angolan economy, but also the “pressure” that the government is under, for growth to be translated into benefits for the life of the population.

The report also noted that “new financing possibilities” available to Angola via the recent agreements with Paris Club creditors, as well as surpluses from taxation and foreign investment, which are important in the phase of reconstruction. (macauhub)