Angola: Angolan economy to grow 15 pct in 2009

10 September 2008

Lisbon, Portugal, 10 Sept – Angola’s economy is expected to remain strong in 2009 with a growth rate of 15 percent after the 16 percent forecast for this year, Angolan Finance Minister, José Pedro Morais told Portuguese daily financial newspaper Jornal de Negócios.

Morais also told the paper that the process of reconstruction and modernisation of infrastructures and agricultural development would continue with the government using oil revenues to fund that process.

“What Angola is doing is using tax revenues from oil to re-launch the economy. We are focusing on agriculture, as we have water, the climate and land with a big competitive advantage. Angola could become Africa’s grain store within five years,” he said.

The minsiter said that the oils scetor sirrently accounted for 90 percent of exports and that teh government was attempting to diversify the economy in order to tackle a 40 percent unemployment rate.

The non-oil sector is expected to grow 20 percent this year whilst the oil sector is due to see growth of 12 percent, giving overall economic growth of 16 percent, said Morais.

“And in 2009 economic growth is expected to be 15 percent,” the minister added. (macauhub)