See also:
» 24.05.2010 - Angola oil boom is over
» 24.11.2009 - Angola secures $1.4 billion stand-by arrangement with IMF
» 30.09.2009 - Angola negotiates standby facility with IMF
» 07.08.2009 - Angola to start bail-out negotiations with IMF
» 15.05.2009 - Angola commits $3.5 million to AfDB's recapitalisation
» 04.11.2008 - Angola could become continent's growth engine
» 19.05.2008 - 'Bio-fuels don't harm crops'
» 28.08.2007 - Sharp increase for Angola's customs revenue

China wholesale online through

Houlihan's coupons

Finn autentiske matoppskrifter fra hele verden på
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares

Autentiske matoppskrifter fra hele verden finner du på
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike

Economy - Development

Slowing growth in Angola

Angola's Finance Minister Carlos Alberto Lopes

© Governo Angola/afrol News
afrol News, 16 November
- Latest data from Angola's Ministry of Finance indicate that GDP growth will be as low as 2.5 percent in 2010, catering for a per capita growth close to zero. The boom years have passed.

The disappointing scenario was announced by the International Monetary Fund (IMF) yesterday, following meetings with Finance Minister Carlos Alberto Lopes and other government officials in Luanda. The IMF for the second time had adjusted its GDP growth projections for Angola downwards.

Angola was living a veritable boom after the end of the civil war, to a great extent driven by the quick expansion of the country's oil production. In 2007, GDP growth reached a record 20.3 percent, and growth staid at an impressive 13.3 percent in 2008.

However, the crisis hit Angola relatively hard in 2009, as national oil exports reduced their value by over 5 percent. GDP growth last year was at only 0.7 percent, with the non-oil sector now being the main drive in Angola's economic growth.

This year, according to figures from the Finance Ministry and the IMF, growth is somewhat rebounding, but only is set to reach a disappointing 2.5 percent. Only two months ago, the IMF still predicted a GDP growth rate of 5.0 percent for 2010.

The non-oil sector is expected to contribute most also to this year's economic growth in Angola. Higher oil prices to a certain degree compensate for production cuts this year.

According to IMF analyst Seán Nolan, next year will see far higher growth rates in Angola. The Angolan economy this year had been "adversely affected by temporary production problems in the oil sector and by fiscal retrenchment, but a solid pick-up in the pace of growth is expected for 2011 as these temporary effects unwind," Mr Nolan said.

Angolan authorities nevertheless were urged to remain vigilant and get a better control of their national budgets than was the case in the boom year. "In setting the 2011 budget, the Angolan authorities face the challenge of balancing the need to increase spending on essential infrastructure throughout the country with the need to further build foreign reserves," Mr Nolan advised.

"The global economic outlook is more than usually uncertain, further complicating policy choices while providing a strong case for proceeding gradually in entering into new spending commitments," the IMF analyst added. Government was strongly advised to "strengthening administrative capacity in the economic ministries."

Finance Minister Lopes agrees there were "significant risks" to Angola's economic development "emanating from the fragile global economic recovery and the high volatility of international oil prices." He pledged to "further strengthen" Angola's economic policies "in a wide range of areas."

- Create an e-mail alert for Angola news
- Create an e-mail alert for Economy - Development news

    Printable version

On the Afrol News front page now

Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.

front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at