See also:
» 25.03.2010 - Angola attaches welfare to biofuel law
» 16.02.2010 - Government approves $250 mln for agro-credit
» 11.12.2009 - Sudan and Angola strike a deal with Vietnamese group
» 26.11.2009 - UNITA demands the naming of corrupt officials
» 24.11.2009 - Angola secures $1.4 billion stand-by arrangement with IMF
» 27.10.2009 - Govt's investments in infrastructure drive Angola's industry
» 20.10.2009 - Expelled Angolan refugees in dire need of aid
» 30.09.2009 - Angola negotiates standby facility with IMF

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Politics | Economy - Development | Society

Angola attains high economic growth

afrol News, 24 August - Angolan economy has performed extremely well in 2006, recording 18.6% which is far more than most African countries.

At least, 308,000 new jobs were created in diverse sectors of the Angolan economy last year. This figure is expected to shoot up in 2007 when several new projects have been in full swing.

Though agriculture proves to be the country’s biggest employer, yet it received less than 1% [0.82%] investment. The social and construction sectors became Angola’s second biggest employers.

The non-oil economy grew by 25.70% compared to 14.7% in 2005.

Transformation industry performed extremely well after grew by 44.7% while that of construction industry 30%.

As a direct result of the country’s healthy economic growth rate, per capita GDP rose from US $1,985 in 2005 to US $ 2,565 in 2006.

Angola’s excellent economic growth and performance help the country to lay the groundwork to sustain the stabilisation of its macro-economic development.

Angolan authorities linked the majority of the healthy economic performance to a better management of the budget policy in 2006. This resulted to a surplus in the country’s gross domestic product from 8.5% in 2005 to 16.7% last year. The country also recorded a positive cash balance of 11.5%.

With the creation of several new projects, including the US $80 million kitchen gas line, parking lot and fuel reservoirs by Sonangol invested this year, had provided security for Angolan economy.

The project will install a gas facility in the fishing city of Porto Amboim and supply the municipalities of Sumbe, Gabela and other neighboring areas. It will have the capacity to store 100 metric tons and supply 3,000 bottles a day.

A new power and water supply network is being built by the government of the southern Huila Province in Jau Commune. The project, which began in early August, forms part of the public investments programme for the 2007/2008 period.

The project will include the installation of a set of generators, with the capacity of 75 kva, which will benefit 17,500 people.

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