Angola is expected to see a substantial 27.9 percent growth in GDP this year as both oil and non-oil sectors are forecast to have notable increase, Angola Press Angop reported Sunday.

Angolan Finance minister Jos Pedro de Morais said in a forum that the country's non oil economic sector expects a growth of 11. 9 percent this year and the oil sector will continue to go up to register an estimated growth of 37.2 percent, Angop reported.

The country's GDP growth has increased substantially for three consecutive years, being 3.4 percent in 2003, 11.7 percent in 2004 and 15.5 percent in 2005.

Morais explained that the advances that have been recorded in terms of macroeconomic management and public finances have allowed the strengthening of the country's external reserves.

He said that the country has stored up sufficient external reserves to re-establish the levels of security and solvability of the economy in its economic and financial relations with the international community.

In this new scenario, private business activities can take place in an environment of economic security, without risks of losses caused by fluctuations or volatility in the exchange rate, according to Morais.

Source: Xinhua