28 July 2006
Luanda — Angolan Finance minister, José Pedro de Morais, on Thursday in Luanda said tha Angola has one of the fastest growing economies in the world, with the estimated rate for this year reaching 20.6 percent, based on oil production increase and recovery of other economic sectors.
Speaking at a conference under the theme "Financing in the internal market", the government official said that the non-oil sector has seen improvements in the agricultural field, thanks to the progresses in the land mines clearance sector, introduction of the irrigation system and the social reintegration of the displaced populations.
He added that the civil construction sector has also been growing, as never seen before, due to the number of public and private projects that are being implemented in all provinces.
He seized the occasion to inform that the repair of roads, bridges, schools and hospitals will soon be sped up.
The minister revealed that, in the last three years, the country's economy grew in an average of 12.5 percent and, as a result, the country's per capita income is estimated at 2,000 dollars, which puts Angola in the group of those countries with an average income.
According to José Pedro de Morais, the government's accounts have improved significantly, having the fiscal system registered in 2005 a surplus of 8.5 per cent of the Gross Domestic Product (GDP), in comparison to 1.1% of the year 2004.
He also informed that the social expenses increased in 2005, being now 29% of the expenses, compared to the 18% of 2004.
On the other hand, José Pedro de Morais envisaged that in a medium term, Angola will have the economic conditions, to become the second economy of reference in sub-Sahara Africa, possibly in five years.
The referred conference was organised by the Portugal/Angola Chamber of Commerce, with the sponsorship of the Angola Espírito Santo Bank.
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