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New Market Study Published: Angola Infrastructure Report Q1 2014

Fast Market Research recommends "Angola Infrastructure Report Q1 2014" from Business Monitor International, now available

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Boston, MA -- (SBWIRE) -- 01/01/2014 -- A strong government focus on infrastructure investment is underpinning our positive near and medium term outlook for the construction industry. The FY2013 and proposed FY2014 budgets outline a strong focus on infrastructure investment, in line with the 2013-2017 National Development Plan. Supported by government investment plans, over the medium term we expect construction industry value real growth to average 12.9% per year between 2013 and 2017.

Angola's construction industry is expected to be boosted by a combination of government investment, supported by a drive to develop infrastructure to support economic diversification and a strong expansion in oil production and therefore revenues. The country should also see continued investment from China, Brazil and Portugal, with the former two providing funding to support investments. With oil exports to the US falling, China will become an increasingly crucial partner for Angola in order to maintain strong oil revenues as production continues to grow domestically.

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Key elements driving our positive forecast:

- The FY2014, for which the draft proposal was released in October 2013, outlines total spending and revenues of US$72.5bn, with a continued focus on infrastructure and social projects.
- The FY2013 budget, passed in January 2013, outlines a 60% increase in public investment, much of which will be directed to construction projects and infrastructure rehabilitation. Overall, public sector spending will expand by 26% to reach US$52.1bn, a third of which will go to social projects such as healthcare, education and housing, thereby providing a further boost to the construction sector. Elevated oil prices, combined with growth in oil output, should boost revenues in 2013 to support this investment.
- The 2013-2017 National Development Plan will target social infrastructure and basic utilities. Investment in water and electricity provision will be prioritised, as will that into expanding healthcare, education and access to housing. It is hoped that these measures will help the country reach average annual GDP growth of 7.1% over the period, with 7.3% per annum expected in the non-oil sector.
- Over the medium term, funding for infrastructure projects should continue to be available. Oil production is expected to grow by an average of 7% between 2014 and 2018, which will support revenues for infrastructure investment. In addition, in early 2014 we expect Angola's recently delayed Eurobond to be issued. The government is hoping to raise US$500mn in capital, some of which is earmarked for infrastructure investment.

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