Angola: Economic growth in 2008 may be 15 pct, deputy governor of central bank says

8 October 2008

Lisbon, Portugal, 8 Oct – Angola’s economic growth may be limited to 15 percent this year, which is lower than the latest projections, due to the world economic slowdown, the deputy governor of the Angola National Bank said in Lisbon Tuesday.

Miguens de Oliveira said that, “economic growth could be affected,” due to the current climate, which is making the price of oil fall sharply on the international market. Oil accounts for a large portion of ANgolan exports.

The deputy governor noted the importance of the on-oil sector in Angola’s economic growth and said that growth of around 15 percent would be “sufficiently large” for the country, which has been growing by 20 percent each year.

The report on Development of the Economy of the PALOP 8Portuguese-sepaking African countries) and East Timor for 2007-2008, published Tuesday in Lisbon, points to growth in Angola this year of 26.6 percent, based on figures from the national bank, the Angolan treasury and the International Monetary Fund (IMF).

Another, more positive, effect of the current climate is a possible slowdown in inflation, at a time when the country is “well above the target of 10 percent” growth of the consumer price index (CPI).

The deputy governor of the Angolan central bank was speaking at the 18th Lisbon Meeting with the delegations of the Portuguese-speaking African Countries (PALOP) and East Timor to the Board of Director of the IMF and the World Bank, promoted by the Bank of Portugal. (macauhub)