LUANDA (AFP) - Angola?s economy is expected to grow by 8.2 percent in 2010, a six-fold increase on the 2009 growth projection of 1.3 percent, the country's economy minister said Tuesday.
The predicted hike comes on the back of the development of non-oil sectors like agriculture, and higher oil prices. Angola is Africa?s biggest crude producer and relies on it for around 90 percent of its export income.
"In the oil sector we forecast a growth of around 1.1 percent, and in the non-oil sector growth of around 15 percent," minister Manuel Nunes Jnr told reporters.
"It is a signal that our economy is diversifying into sectors like agriculture, manufacturing and trade."
Diversification away from petroleum-based industry has been a key policy of the Angolan government in the past year, after oil prices fell sharply at the start of 2009.
Angola's foreign reserves plunged by 30 percent at the start of the year, the Kwanza currency was devalued, the budget was slashed and the government turned to the IMF for a loan, granted in October for 1.3 billion dollars.
The government?s original growth projection for the country during 2009 was 11.8 percent which was revised downwards to 6.2 percent and later to 1.3 percent.
The International Monetary Fund (IMF) has predicted just 0.2 percent growth during this year but is more optimistic for 2010 and forecasts an increase of 9.3 percent.
Angola had enjoyed double-digit growth since 2004, following the end of a 27-year civil war two years earlier.
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