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Poor performance of oil sector influences economy

Wed, 09 Oct 2019 18:44 - Updated Wed, 09 Oct 2019 18:43

Drop of oil production and low price hinder performance of Angolan economy Photo: Angop

Luanda - Angola is on the list of African countries whose economic recovery has remained weak, a situation that is “weighing” on the region's prospects, according to the report of the 20th edition of Africa's Pulse - the semi-annual economic update of the World Bank for the region, presented this Wednesday in Washington.

 The World Bank forecasts for Angola's economy growth for 2019 is 0.7%, which are expected to be the most real as other international consultants point to less than this percentage.

All international institutions that revised Angola's economic forecasts did so for recession.

 The list, according to the World Bank report, includes Angola, South Africa and Nigeria, the three largest economies in the region, which have remained weak.

 The report presented Wednesday in Washington DC, and accompanied by Angola in a video conference, by journalists and economists, says that the “poor” performance of the oil sector influenced the recovery of the economy during the period in question.

Excluding Angola, Nigeria and South Africa, the document states that growth in the rest of the subcontinent is expected to remain robust, although slower in some countries.

 According to the 20th edition of Africa's Pulse, growth in sub-Saharan Africa is expected to increase by 2.6 percent in 2019, compared to 2.5 percent in 2018, 0.2 percentage points lower than this year April revision.