Angolan economy expected to grow by over 7 pct in 2013 and 2014

21 June 2013

The Angolan economy is expected to post growth of 7.2 percent in 2013 and 7.5 percent in 2014, the World Bank said, warning of Angola’s vulnerability due to its dependence on the oil sector.

According to the “Angola Economic Update” for 2013, on Angola’s economic and financial circumstances, presented Thursday in Luanda, growth expected in 2013 and 2014 will be based on “growth in oil production and high export prices.”

The report, which was presented by the World Bank’s chief economist for Angola, Júlio Revilla, noted that, outside the oil sector, the Angolan economy will post “progressive growth,” particularly in the construction sector, despite its indirect dependence on oil.

The launch of liquid natural gas production may add a further two percentage points to Angola’s gross domestic product (GDP) in the first year, the reported noted.

Despite the “Positive panorama” for the Angolan economy, the World Bank warns of threats from global market uncertainties, “particularly in terms of its potential impact on oil prices.” (macauhub)