Portuguese bank BPI lowers Angola’s economic growth forecast to 6.3 pct in 2011

19 May 2011

Lisbon, Portugal, 19 May – Angola’s economy is this year expected toy post growth of 6.3 percent, taking into consideration the recent performance of the oil market, according to the May report from Portuguese bank BPI on Angola.

“In this new scenario, Angola’s Gross Domestic product (GDP) is expected to post growth of 6.3 percent in 2011, as compared to a previous forecast of 6.9 percent,” the document said.

The, “recent performance of the oil market,” is the basis for the projections made by the document’s authors, Cristina Casalinho and Susana de Jesus Santos.

The specialists expect oil GDP to post growth of 2.8percent, “reflecting recovery of average production levels against 2010, which is based on an average output of 1.85 million barrels per day, compared to 1.80 million barrels per day the previous year, in line with the IMF’s projections.”

In terms of the non-oil sector, BPI projects real growth of 8.8 percent this year.

The latest IMF estimated for Angola, published in its April report, were increased to 7.8 percent GDP growth this year, as compared to a projection of 6.4 percent given in October. (macauhub)