Angolan economy up 5 percent in 2009

7 June 2010

Luanda, Angola, 7 Jun – Angola’s economy grew 5 percent in 2009 versus 13 percent the previous year as a consequence of the international financial crisis, indicates the 2009 annual report and accounts of Banco Millennium Angola, reports Angolan news agency Angop.

The report states that another negative result of the crisis is that “Angolan reserves saw their value drop by about US$6 billion in the first half of 2009 alone, compared to the results recorded in December 2008.”

The document stresses the global economic-financial crisis’s impact, which has caused oil prices to fall and limited Angolan oil production in the OPEC (Organisation of Petroleum Exporting Countries) framework.

“That situation was accompanied by lower revenues from the oil sector and a consequent drop in the country’s net international reserves”, and despite the country’s macroeconomic stability “inflation stood at 14 percent in financial year 2009”, the Banco Millennium Angola report also states. (macauhub)