Growth is slowing down, Forecasts corrected

Angola’s government has cut its forecast for economic growth this year to 5.1% from a previous estimate of 7.1%, President Jose Eduardo dos Santos said. Dos Santos said in a state of the nation speech in parliament that a long drought in the country, lower-than-expected growth in the oil sector, “bad management” of public debt and weakness in the global economy led to the lower forecast. Angola is Africa’s second-largest oil producer after Nigeria. Its economy grew 7.4% in 2012.

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