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ECONOMY: Angola (MRB Nov 2001): Oil revenue boost expected, but still no impact on poverty.
The Angolan government predicts that next year the economy will grow by 15.1 percent, mainly as a result of growing oil revenues. The non-oil sector is expected to grow at seven percent.
The figures were based on an average price of crude oil of $17 a barrel. The petroleum market is very volatile at the moment due to the world recession, but moves by the oil cartel OPEC, the Russian federation and Norway are underway to stabilise prices. The possibility of US military action against Iraq would also have an impact on prices, perhaps increasing prices again.
The figures were presented to the Angolan parliament on 20 November as part of the state budget for 2002. The budget is put at US$5.8 billion, with the inflation rate predicted to be 50 percent next year. Currently inflation is running at 125 percent, down from last year's 268 percent.
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