October 6, 2014 / 2:58 PM / in 4 years

Angola seen growing average 5 percent: Central Bank

Office buildings under construction stand behind the Angolan central bank building in the capital, Luanda, in this January 20, 2010 file photo REUTERS/Mike Hutchings

LISBON (Reuters) - Angola’s economy should grow at an annual average rate of 5 percent over the next four years, boosted by the increasing participation of the private sector, Angola’s central bank said on Monday.

The International Monetary Fund said this month that growth was likely to slow to 3.9 percent in 2014 from an estimated 6.8 percent last year, with strong agricultural production offsetting a drop in oil output.

“The outlook for the Angolan economy’s average growth will be around 5 percent during the next four years and will be pushed by the growing participation of the private sector,” the Angolan central bank said in a message to a conference of Portuguese-speaking central bankers in Lisbon.

It said that for that to happen, it was key that the financial sector becomes more competitive.

Angola’s economy has grown sharply in recent years, boosted by growing oil production. Between 2010 and 2012 the oil sector represented about 45.2 percent of gross domestic product.

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