Angola reports economic growth of 15% per year
The annual average rate of growth of Angola's Gross Domestic Product (GDP) reached 15% over the last eight years, the Angolan Deputy Minister of Planning Carlos Alberto Lopes has said.
The country has one of the world's fastest growing economies.
Addressing a seminar on the funding of big projects, Lopes said in 2007 the rate of inflation recorded a steep fall to 12%, compared with 2002, when it was above 100%.
During the 2002 to 2007 period, demand deposits at banks rose 13 times, reaching the amount of 624 billion Kwanza (one USD is equal to about 80.58 Kwanza) in 2007.
This reflects the trust of Angolans in the functioning of the economy and the financial system.
According to data supplied by him, the credit to the economy multiplied by about 20 times.
He considered this as the main factor behind the relevant growth in the country's non-oil sector.
Private consumption rose from 26% in the 2000 to 2003 period to 39 in 2004 to 2007.
It is estimated that the school population grew to nearly six million students, which represents a 75% rise in four years. This means that more children are being educated in the country.
After 2002, he added, it was possible to resettle more than four million people and about 400,000 refugees, while special attention was also paid to the sectors of health, education, supply of drinking water, basic sanitation and the creation of jobs.
Organised in panels on World Bank Group funding, bank-offered products, investment benefits and public-private partnerships, the seminar seeks to present large projects in the sectors of infrastructures, energy and transports.
The purpose of the meeting is to publicise the various large projects' funding options, the instruments of international financial cooperation and Public-Private Partnerships (PPPs).
Article published courtesy of BuaNews
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