Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Angola’s Economy to Expand Less Than Expected in 2011, BPI Says

Don't Miss Out —
Follow us on:

Oct. 17 (Bloomberg) -- Portugal’s Banco BPI revised down its 2011 growth forecast for Angola’s economy, citing weak government spending and lower oil production.

Growth in Africa’s second-biggest oil producer after Nigeria is expected to reach 2.5 percent this year, down from 6.3 percent forecast by BPI in May, the bank said in a report on its website.

Oil production in Angola should average 1.54 million barrels a day in 2011 compared with 1.73 million barrels last year. Lower oil output should “in part” be compensated by higher oil prices, BPI said.

BPI, which controls Angolan bank Banco de Fomento Angola, expects the Southern African nation’s economy to grow by 9.8 percent in 2012 as oil production rises and new oil fields start producing.

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.