Angola Central Bank Expects Economy to Expand 6.3% in 2011
Angola’s economy is poised to expand by 6.3 percent this year and is likely to be “a lot more robust” in 2012, the country’s central bank Vice-Governor Antonio Andre Lopes said today.
His growth estimates are almost twice as high as those of the government, which on July 13 reduced its 2011 economic growth estimate to 3.4 percent from 3.6 percent.
“The Angolan economy should grow, according to our projections, 6.3 percent,” Andre Lopes said in an interview on the sidelines of a conference in Lisbon. “Next year, although the budget has not yet been approved, growth should be a lot more robust.”
Andre Lopes said he expects the bank’s foreign exchange reserves to remain above $20 billion at the end of the year, on the back of higher oil exports. Angola is Africa’s second- biggest oil producer after Nigeria.
The central bank, also known as Banco Nacional de Angola, is carrying out measures to ensure the stability of the financial system, he said.
“Clearly, there are measures being taken to ensure the stability of the financial system," said Lopes without being specific.
Angola’s inflation rate slowed to 13.7 percent in August from 14.1 percent the month before, the National Statistics Institute said on Sept. 13.
To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net
To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net
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