Angola is the third-largest sub-Saharan financial market

23 July 2014

Angola is the third largest sub-Saharan financial market, with assets of US$70 billion, behind Nigeria and South Africa, Angola’s Economy Minister Abraão Gourgel said Tuesday in Luanda.

The minister, who was speaking at the opening ceremony of the 31st edition of the Luanda International Fair (Filda), noted that Angola posted yearly growth of around 3 percent and had a growing middle class, as well as a rise in use of financial services and rise in consumer demand in general.

Outlining the positive factors of the Angolan economy, Gourgel noted that Angola had a fast growing business sector that was open to partnerships with foreign investors, according to Angolan news agency Angop.

The economy minister said that peace in Angola had allowed the country to take advantage of the rise in oil prices in the first decade of the 21st century, as shown by gross domestic product, which increased 5.5 times between 2000 and 2007.

The minister noted that, even in crisis years, Angola posted rates of growth that were not far off the rate of growth of the country’s population, and thus per capita GDP reached US$6,000 in 2013, making Angola a middle-income country according to the World Bank’s classification.

Filda is a multi-sector exhibition and business fair that, since 1983, has gathered together businesspeople from Africa, America, Europe and Asia to exhibit their products and services and make contacts for potential partnerships. (macauhub/AO)