Angolan economy expected to post growth of 8.2 percent this year

29 May 2012

The Angolan economy is expected to post growth of 8.2 percent this year, driven by an upturn in oil operations, according to a report on the African Economic Outlook in 2012, which forecasts a drop in inflation from 13.5 percent to 10 percent.

The report, which was produced by the ADB, the Organisation for Economic Cooperation and Development (OECD), by the United Nations Economic Commission for Africa (UNECA) and by the United Nations Programme for Development (UNPAD), was issued Monday at the start of the annual meeting of the ADB in Arusha, Tanzania.

“In 2011, the strong growth of the non-oil sector was offset by a drop in oil revenues, as a result of low production and exports. But it is expected that real Gross Domestic Product (GDP) will grow substantially as oil fields are increasing their operations and new projects are starting to produce, “the report said.

According to the report inflation is expected to fall from 13.5 percent to 10 percent in 2012 and to a single digit in 2013.

Most unemployment, which the report estimates at 26 percent of the population, affects the unqualified workforce but there are now a growing number of unemployed young people with qualifications that are not in line with the country’s needs, the report said. (macauhub)