Angola’s economy expected to post growth of between 8 and 10 pct this year

14 May 2012

Angola’s Gross Domestic product (GDP) is expected to post growth this year of between 8 and 10 percent, the minister for Planning, Ana Dias Lourenço said Thursday in Luanda, adding that it would exceed the 3.12 percent growth rate posted in 2011 by a wide margin.

Cited by Angolan news agency Angop, the minister, who was speaking at the presentation of the Performance Memorandum for Government Activities in the 1st quarter of 2012, noted that this year the non oil sector was expected to see significant growth and the oil sector would fall back in terms of their contribution to GDP.

The governor of the Angolan central bank (BNA), José Lima Massano, gave assurances that inflation was on the downturn and in line with targets set out in the economic policies of the Angolan government.

The governor said that, despite a drop in inflation, there were prices rises for a number of products that were “worrying” and that these were due to the fact that Angola had a free economy in which around 40 percent of products in the basket of basic goods are imported.

He said that the preliminary inflation figures for May, as compared to April, showed that posted a variation of 0.7 percent, which brought accumulated inflation over the last 12 months to 10.88 percent, which is the lowest level since the country’s independence in 1975. (macauhub)