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Tue, 26 Dec 2017 17:09 - Updated Tue, 26 Dec 2017 17:08

Energy, agriculture boost economic growth in 2018

Luanda - The energy and agriculture sectors, which comprise 60.6 percent and 5.9 percent rates, respectively, will be out of the non oil sector the engines of Angola's expected economic growth from 4.9 percent in 2018, reads the State Budget proposal for next year.

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Cuanza Norte: linhas de transporte de energia eléctrica

Photo: Eliseu Veloso

Moxico: Fazenda de Camaiangala

Photo: kinda kyungu

Zaire: Lettuce harvest

Photo: Pedro Moniz Vidal

This growth projection is a good indicator for the country, following the near-recession (0.1 percent) in 2016 and the 1.1 percent growth this year that is about to end as a result of the economic crisis that began in late 2014 with the fall of the oil price in the international market.

However in 2018, the non-oil sector will grow by 4.4 percent, supported also by the performance of the manufacturing industry with 1.8 percent, mercantile services with 4.3 percent, construction with 3.1 percent and diamond mining, metal and non-metallic minerals with 4.4%.

In 2017, growth for the oil sector stood at (-4.6%) and the non-oil sector at 1.9%. The growth of the non-oil sector was determined by the performance of energy (40.2%), agriculture (4.4%), construction (2.2%) and manufacturing sector (0.7%), market services (1.3%).

Far from the scenario of 2017, to 2018, the oil GDP presents forecasts of growth of 6.1 percent, driven by the entry into service of new oil fields.

For this period, the average production estimated in the OGE is situated at one million and 698 thousand barrels / day, with a weighted average price of 50 dollars a barrel.
According to 2018 /GDP projections, the expected inflation is 28.70 percent, against the 22.9 percent this year, 2017.

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