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Discussion Starter · #1 ·
Angola to post double-digit growth in 2010:cheers:

Mon Jun 29, 2009 12:38pm GMT



(Reuters) - Angola's economy will return to double digit growth in 2010 and will expand 6.2 percent this year, but the country can no longer only depend on oil, Finance Minister Eduardo Severim de Morais said on Monday.

"Our forecast is that the economy will grow 6.2 percent (in 2009) with a decline of 6.1 percent in the oil sector and growth of 15.4 percent in the non-oil sector," the minister told Reuters.

"Recession has been avoided, in 2010 the economy will return to double-digit growth," he said.

The African nation, which rivals Nigeria as the continent's biggest oil producer, has grown at annual average of 15 percent since the end of a civil war in 2002, making it one of the fastest-growing economies in the world.

But the government is continuing its efforts to diversify the economy as the main lesson it will take from the world economic crisis is that the country cannot depend on one product -- oil, De Morais said.

The Angolan government recently almost halved its growth forecast for this year to 6.2 percent from 11.8 percent in a revised budget. In 2008, the economy grew 15.8 percent.

De Morais said he did not know the fundamentals behind a recent OECD forecast, which according to press reports, said the Angolan economy would shrink 7 percent this year.

"I don't know the details of that prediction. We forecast a drop in oil production not because we cannot potentially produce the 2 billion barrel we already produce, but because we have to maintain our commitments to OPEC," he said.

He said that the government had not been contacted by anyone from the OECD to discuss forecasts.

He added that the OECD forecasts "are not justified as the government has $10 billion of public investments currently in execution".
 

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Mutu ya Chuma.
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:cheers::cheers:

Good stuff. That means Angola-Congo joint Oil exploitation will not be delayed.

Supposedly to start this year,
 

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Discussion Starter · #3 ·
Butembo21, yes...a couple of years double digit-growth rates and yeeesss, angola is already No.3 in Sub-Saharan Africa, give it about 10 more years...the whole thing is just getting started, so many new projects in the pipeline and u/c...and mega-investments and diversified investment pouring in by countries such as China, Portugal and Brazil.....so man local new Angolan companies are created...the speed is amazing when you follow the press attentively..and Angola is also investing billions abroad into companies....this country will surely suprise Africa ...and it just has 14 million people!:cheers:
 

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Mutu ya Chuma.
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Butembo21, yes...a couple of years double digit-growth rates and yeeesss, angola is already No.3 in Sub-Saharan Africa, give it about 10 more years...the whole thing is just getting started, so many new projects in the pipeline and u/c...and mega-investments and diversified investment pouring in by countries such as China, Portugal and Brazil.....so man local new Angolan companies are created...the speed is amazing when you follow the press attentively..and Angola is also investing billions abroad into companies....this country will surely suprise Africa ...and it just has 14 million people!:cheers:
Angola will keep Congo on it toes.:lol: What ever Angola does , we will do. Though not at the same speed , but we will do . we have already started, Kabila did visit Angola three times in the last three years and he did visit Angolan ports, Oil Infrastructure and other manufacturing. Soon will wil be using the Benguela Rail to export our row materials until Lubumbashi-Matadi reail is complete.

Yes their low population will help them so much. and they have one of the largest coast on the continent as wellas all their big cities are on the coast.
 

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90% of the export of Angola is still oil...
They need a least 20 years to divers their economy.

It is going to be a very difficult job. Even oil countries like Algeria, Libya, Gabon, Egquator Guinea etc who are more ahead then Angola have it very difficult to divers their economy.
 

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Discussion Starter · #7 ·
As opposed to Lybia and Algeria, Angola already was an agricultural powerhouse in the past and not just in Africa but IN THE WORLD!

They are currently reviving this sector which I conisder very important for poverty eradication in the rural area.

Agriculture, tourism and light industries will be the means of diversification.
 

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boris89
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Mutu ya Chuma.
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Angola is divertifying her economy. Understand that Angolans are not that educated as compare to Nigerians, Zimbabweans, Ghanians, Congolese.

But they are doing damn great. They are Using their Wealth way better than most of african countries( the ones that are reasources rich).
 

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Discussion Starter · #11 ·
Foreign investors eye Angola

By Louise Redvers – May 30, 2009

LUANDA (AFP) — In the lobby bar of one of Luanda's hotels, suited businessmen sit in deep leather armchairs waiting for a meeting in the oil-rich country which could change their fortunes.

"Angola is one of the last great emerging market opportunities," one European man told AFP between sips of whisky.

"I don't care about the logistical problems as long as the solutions and rewards are there -- I'm in this for the long term to make money."

Thanks to high oil prices and a peacetime construction frenzy, Angola has enjoyed annual double-digit growth since a 27-year civil war ended in 2002 to become one of the world's fastest growing economies.

Growth is set to slow this year, but interest from international investors has not abated with a recent flurry of high profile trade delegations, all hoping to get a piece of the action.

The government's response to falling commodity prices, which threaten public spending aimed at Angola's poor majority, is diversification into areas such as agriculture and manufacturing.

Until now, Angola's main foreign players have been Portuguese and Brazilian firms, and Chinese companies helped along by close ties and credit lines believed to exceed billions of dollars.

But along with visits from the United States, France and South Korea in the past month, there have also been business forums in Rome and Cairo and state visits by President Jose Eduardo dos Santos to Germany and Portugal.


Last week a trade agreement was signed with US Secretary of State Hillary Clinton in Washington.

Among the recent American delegation was Delta Air Lines which hopes to launch the first direct scheduled flight from the United States to Luanda in September.

"There's no question, Angola is a very strong market and there is a lot of potential," the airline's government affairs advisor Scott Yohe told AFP.

"The amount of time it takes to get to Angola from the US, via Europe or via South Africa, has an impact on trade and the new flight will definitely be a catalyst for investment."

Dubai-based Emirates starts flying three times a week from Luanda to Dubai in August.

"Angola is a country which is really moving," explained Nigel Page, senior vice president of Emirates in Americas and Africa.

"We predict that there will be a lot of business exchanges between Luanda and Dubai and this route will channel more companies into Angola from the east."

There is already plenty of Asian investment in Angola, particularly from China which holds a number of key construction contracts, including four 2010 Africa Cup of Nations football stadiums.

China's interest in Angola has aroused concern in the west, especially as a number of the loans have been oil backed, but Alex Vines, of the London-based think tank Chatham House, believes the Sino-Angolan relationship may be waning.

"From a geo-strategic point of view, Angola wants to woo lots of different investment, not just from China," he told AFP.

"And that's why we've seen Dos Santos making these high profile visits to Europe and these other trade trips being invited to Angola."

Despite predicting a three-percent contraction in 2009, World Bank economist Ricardo Gazel said: "Angola's economy is still in a much better position than most and medium and long term, the prospects are very good.

"There is a lot of investment interest, particularly in the non-petroleum sector which is good for diversifying the economy and for the economy as a whole."

For businesses hoping to break into the Angolan market however, it's not easy and good contacts go a long way.


But, big on capital if low on know-how, Angola has been spreading the word about investment opportunities and it seems the world is listening.

Copyright © 2009 AFP. All rights reserved. More »
 

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I have a serious question to ask of everyone. Where is Angola's GDP and GDP Per capita right now? Is Angola considered to be called a middle-income country? How is it compared to before the oil boom? Thanks.
 

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I can see happy days for Angola in the future :banana:


Thats good news.........Whats the GDP per capita right now?
 
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