5. - Secil

6.1.
MACROECONOMIC
BACKGROUND
The most significant
political development in
Angola was the September
elections to the
National Assembly. This
represented a further important
step towards definitive
stabilization of the
sentiment of peace and
towards continuation of
the process of national
reconstruction, which
has reached all areas of
Angolan territory and also
sectors of activity.
Despite the international
financial crisis, the
Angolan economy once
again enjoyed significant
growth in 2008 on the
strength of the petroleum
sector and thanks to the
process of national reconstruction
financed by
external credit lines contracted
mainly from China.
The process of national reconstruction
has levered growth in the non-petroleum
sector, which in the last three years has presented
healthy growth, in excess of that
recorded by the oil sector. Overall, gross
domestic product is thought to have grown
in the order of 13%, slowing from the 2007
rate of 18%.
Oil output is expected to remain at high
levels and to continue to support growth in
the Angolan economy, despite a foreseeable
decline in oil prices in 2009.
Inflation stood at 12.6%, slightly higher
than in 2007. Unlike the previous year, the
Kwanza fell against the US dollar by approximately
2.2%.
Secil’s operations in Angola continue to
be positively affected by the impact of the
situation described above on demand for
construction materials, whilst still suffering
the effects of the structural constraints on
6. Angola
the supply side (availability of human resources
with adequate training, transport, power
supply, etc.).
However, clinker prices on the international
market and the increase in maritime
freights in the first half had a significant
impact on the operations of Secil Lobito
and on the cement market in general.
6.2. CEMENT
Demand for cement continued to increase
in 2008 thanks to sustained growth in the
economy and execution of major national
reconstruction projects. The market was
supplied by national producers and also by
cement imports, as the Angolan cement
industry lacks the capacity to respond to
overall requirements.
Secil Lobito recorded sales of 295 000
tons, in quantity, and 46 million €, in value,
representing growth of 25% and 43% respectively,
in relation to the previous year.
Secil-Lobito Plant