Angolan economy set to grow 8.2 percent in 2010 and 1.3 percent this year

4 November 2009

Luanda, Angola, 4 Nov – The Angolan economy will expand by 8.2 percent in 2010 and this will largely be driven by the country’s non-oil sector, Economy Minister Manuel Nunes Junior said Tuesday.

Speaking after presenting the government’s national plan for 2010-2011 and the state budget to parliament, the minister also said growth in Angola’s non-oil sector is forecast at 15 percent while the oil industry itself will show 1.1 percent expansion.

“We’re seeing a significant structural change in our economy. Today the oil sector ceases to have the weighting it previously had in our GDP”, said the minister.

Angola currently pumps 1.65 million barrels of oil daily, according to official figures, in keeping with its OPEC quotas.

Junior said Angola’s non-petroleum sector is beginning to have “a positive weight” in the structure of the country’s economy, indicating diversification of the sector particularly in the areas of agriculture, manufacturing and commerce.

Angola’s economy will expand by 1.3 percent this year again thanks largely to the positive performance of the non-oil sector that is set to expand 5.2 percent, added Junior.

This 5.2 percent figure, in the light of the international situation, is positive in a year when the oil sector shrank by 3.6 percent, noted the economy minister. The state budget proposals forecast total revenues of around US$ 30 billion and 30 percent of this will be targeted at the social sector. (macauhub)