Angolan economy may grow 9.4 percent this year

4 May 2010

Johannesburg, South Africa, 4 May – The Angolan economy should post 9.4 percent growth this year and 7.6 percent in 2011, versus a government forecast of 8.6 percent for this year, indicates a survey conducted by Reuters.

Economists contacted by that agency said the growth was due to the high price of oil and to exports.

Inflation should in turn remain double-digit. Laura Maree, an analyst with the South African Rand Merchant Bank (RMB), said in a note to the bank’s clients that inflation should reach 13 percent this year, slightly higher than the government’s forecasted 12.5 percent.

According to the RMB, “debt repayment will help evaluation of the ‘rating’ of the country’s debt [scheduled for next month] and also improve the government’s ability to place debt titles for sale on the international market.”

The Angolan government announced last week that it would begin paying part of the 2 billion dollar debt to construction companies, specifically to Portuguese companies per activation of a credit line granted by the Portuguese government. (macauhub)