Angola: National Bank of Angola forecasts economic growth of 11.8 percent in 2009

5 January 2009

Luanda, Angola, 5 Jan – The governor of the Angolan central bank (BNA), Amadeu Maurício has said that economic growth in Angola is expected to total 11.8 percent, according to a report from Bloomberg News.

The financial news agency, which cited the BNA website, also reported that the slowdown in growth was directly related to the world financial crisis and the fall in oil prices.

According to figures from the International Monetary Fund (IMF), Angola’s economic growth in 2008 was 16 percent as compared to 21.1 percent in 2007.

Mauricio noted that oil industry growth would be of around 5.9 percent whilst the non-oil sector was likely to grow by 15.9 percent, which is below initial estimates.

The chairman of the BNA also said that because a fall in oil prices Angola had to adapt itself to a new reality.

The Angolan government, whose state budget has an 80 percent dependence on oil, announced in December 2008 that it would review its accounts for 2009 given the recent fall in oil prices. (macauhub)