Sao Tome and Principe central bank projects economic growth of 5.5 pct in 2012

21 December 2011

Sao Tome, Sao Tome and Príncipe, 21 Dec – The Sao Tome and Principe economy is expected to see growth of 5.5 percent in 2012, the governor of the Bank of Sao Tome and Principe, Maria do Carmo Silveira said Monday in Sao Tome.

The governor of the central bank said that the start of joint oil exploration with Nigeria, within two to three years, and the project to modernise the airport had boosted the country’s economic growth.

She noted that the rate of inflation may total around 11 percent at the end of 2011, saying, however, that the central bank expected inflation to total around 6 percent in 2012.

Silveira have assurances that credit to the economy had grown moderately – 11 percent – and currently represented 43 percent of Gross Domestic Product (GDP).

The governor of the central bank of Sao Tome and Principe announced that the global economic outlook in 2012 was not favourable for Sao Tome and Principe, “due to a drop in world demand.” (macauhub)