Thursday, April 19, 2012

Angolan economy is the fastest growing in 2012

The Angolan economy will grow 9.7% in 2012, being the fastest growing among the 18 sub-Saharan African countries covered by the forecasts of the International Monetary Fund (IMF) released today. In its spring economic projections ("Outlook"), published today, the IMF estimates that the Gross Domestic Product (GDP) of Angola to grow 9.7% this year and 6.8% in 2013, after having last year stayed by 3.4%. 

Among the countries covered by the analysis of the IMF which appear immediately after Angola are Ghana, with a growth of 8.8% in 2012, and Côte d'Ivoire (8.1%).  

This acceleration of economic growth will be due mainly to the early exploration of new oil wells in Angola, indicates the institution. 

In the report released today, the IMF notes that sub-Saharan Africa has been one of the least affected by the recent global financial crisis, growing about 5% in 2011. This despite the economic slowdown in South Africa, the effects of drought in the eastern and western parts of the continent and the conflict in Ivory Coast. 

The reduced financial connection in the African region with Europe has helped to protect it from the crisis, while the diversification of exports to emerging markets has reduced the commercial exposure of these economies in Europe. 

Indeed, notes the IMF, exports to the euro zone now represent a fifth of the region's exports, while in 1990 they accounted for two fifths. 

However, the IMF stressed that a priority, especially in East Africa, is the containment of inflation.The IMF estimates that inflation in Angola is of 11.1% in 2012 and 8.3% in 2013, while in Mozambique is expected to be 7.2% this year and 5.6% next year.  (Source: Lusa/SOL)

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