Angola is another petroleum success story.
According to a November 23, 2005 report in Business Day (Johannesburg) both the World Bank and the International Monetary Fund (IMF) are expecting the country's GDP to increase an estimated 14 percent in 2005 compared with 2004. Business Day says that the forecast for 2006 is much better: 25 percent.
Business Day sourced KPMG, the international accounting and consulting firm, for the observation that, aside from oil, several other sectors of Angola's economy are growing at "amazing" rates. This list of these improving sectors is long and includes construction, ports, banking services, distribution, communications, retail, hospitality, IT, oil services, agriculture and diamond mining.
Although consumers are not always the beneficiaries of oil revenue-Angola's reputation is tarnished by allegations of corruption-the country is to be credited with emerging from 27 years of brutal civil war with an expanding economy. The civil war ended in 2002 and, in fact, although the war escalated in the decade from 1993 through 2002, Angola's GDP advanced every year except 1993 when it contracted a disastrous 24 percent. From 1994 through 2002, GDP grew at an average rate of 6.8...