Ver Angola


Government revises growth forecast to 2.7 percent this year

The Minister of Finance said this Tuesday that the Government has revised upwards its economic growth forecast for this year, now anticipating a 2.7 percent expansion due to the increase in oil prices.


"Yes, we have revised the growth forecast for the Gross Domestic Product (GDP) for this year to 2.7 percent, considering the same pace of 1.14 million barrels of oil per day and a price of around 100 dollars", said Vera Daves de Sousa, when asked during the Bloomberg conference on Africa, which takes place this Tuesday from London.

Angola emerged from the recession that had lasted since 2016 last year, registering growth of 0.7 percent, and expected to deepen the recovery, with an economic expansion of 2.4 percent this year.

In the interview given during the 'Bloomberg Invest: Focus on Africa' conference, the finance minister was also asked about the possibility of Angola increasing oil and gas exports to Europe, offsetting the drop in sales to Russia.

"Yes, we have the political will and openness to do so, but we need a lot of homework to be able to respond to this need of the European Union", replied Vera Daves de Sousa, noting that between the investment and the return it takes years.

"We came from a scenario of falling production, we are motivating companies to make more investments, through reforms, and we are seeing the first results, but it takes time, between the investments that start now and the results, it takes between two and five years, so yes, we want and are prepared [to increase exports to Europe] but it will take time to be able to meet expectations", explained the minister.


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