Angolan economy expected to expand 7.6 pct in 2011, finance minister says

19 November 2010

Luanda, Angola, 19 Nov – The Angolan economy is projected to grow by 7.6 percent in 2011  and 6.7 percent this year, the Finance Minister said Thursday in Luanda, whilst presenting the General State Budget for 2011.

As part of the debate and vote on the state budget, the minister said that the figures were based on oil sector growth of 2.3 percent, as compared to 5.4 percent this year, and of 11.2 percent for the non-oil sector, which this year will see growth of 3.8 percent.

Daily estimated oil production for 2011, he said, was likely to be 1.901 billion barrels and its average price US$71.50, which in order to be more conservative, was added to the budget at US$68 per barrel.

In the diamond sector, annual production is estimated at 10,759 carats at a price of US$98.3 per carat.

Expected accumulated inflation for 1011 is 12 percent, with a drop of around 1 percentage point as compared to 2010.

The Finance Minister also announced that the State’s net debt was expected to fall by US$1.663 billion, leaving public debt at US$32.5 billion, or the equivalent of 38.2 percent of GDP. (macauhub)