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Doubts over Angola snatching Africa's top oil spot LUANDA: Insiders from Angola's burgeoning oil industry have reacted sceptically to predictions that the rapidly growing nation may be about to overtake Nigeria as Africa's largest oil producer.The International Energy Agency has predicted that from 2016 to around 2020 Angola will pump more crude onto the world market than its rival, thanks in part to Nigerian oil being syphoned onto the black market. "If it happens it will mainly be because of instability in Nigeria, both politically and because of the theft of oil," said Jose de Oliveira, a Luanda-based industry expert."And if it does happen it can't last a long time. Nigerian reserve capacity is larger than Angola's."Nigerian production hit a peak of 2.44 million barrels a day in 2005, but has wavered since.Angola currently produces about 1.71 million barrels a day, but industry sources worry about disruptions there too. "The interesting thing is that the IEA's forecast put ...

Modi burnishes economic credentials with reform blitz NEW DELHI: India's Prime Minister Narendra Modi has unleashed a slew of reforms in the past week, scrapping fuel subsidies, simplifying labour rules and pledging to open coal mining to private players in a bid to kickstart the economy.The reforms are seen as some of the most significant since Modi's right-wing Bharatiya Janata Party (BJP) in May scored India's biggest electoral win in three decades.But analysts say the reforms so far represent the low-hanging fruit, ...
Soft Australian inflation supports low interest rates SYDNEY, Oct 22, 2014 (AFP) - Australian consumer prices rose 0.5 percent in the three months to September, official figures showed Wednesday, as the annual rate of inflation eased after the removal of a controversial carbon tax.The increase in the consumer price index (CPI) in the third quarter was slightly stronger than economists' estimates of 0.4 percent.The new figures took the annual rate of inflation to 2.3 percent, the Australian Bureau of Statistics (ABS) said, ...
Australian inflation eases after scrapping of carbon tax SYDNEY: Australian consumer prices rose 0.5 percent in the September quarter, official figures showed Wednesday, as the annual rate of inflation eased following the removal of a controversial carbon tax.The increase in the consumer price index (CPI) in the three months to September was slightly stronger than economists' estimates of 0.4 percent.The new figures took the annual rate of inflation to 2.3 percent, the Australian Bureau of Statistics (ABS) said, down from 3.0 percent in ...
Shaky Japanese economy hit by growing trade deficit TOKYO: Japan's shaky economy was dealt another blow Wednesday, as official data showed a widening September trade deficit that puts the world's number-three economy on track to log a record annual shortfall.The worse-than-expected deficit of 958.3 billion yen ($8.96 billion) comes on the back of a string of weak figures and a sharp contraction in the second-quarter, which raised fears that a recovery in Japan's economy has been derailed.The latest numbers translated into a trade ...
China's Sept fiscal spending quickens, land revenues fall BEIJING: Growth in China's fiscal spending in September quickened to 9.1 percent from a year earlier, data showed on Tuesday, as the authorities try to smooth volatile public spending and keep the economy on an even keel.But underscoring the cooldown in the world's second-biggest economy and its housing market, revenues that Chinese governments earned from selling land slumped 21.1 percent in September on a yearly basis.Selling land to developers is a major source of income ...
IMF urges caution in Africa's Eurobond borrowing spree DAR ES SALAAM: The International Monetary Fund (IMF) has warned African countries against rushing to issue Eurobonds, saying they may face exchange rate risks and problems repaying debts.African governments facing falling levels of foreign aid are on a borrowing spree to pay for new roads, power stations and other infrastructure, prompting concern from many analysts that this could raise debt levels and undermine growth."It comes with some risks," the director of the IMF's African Department, ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
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