Luanda, March 10 (PL-RHC) -- Angola has forecast a 12.8 percent economic growth this year by increasing production of the oil industry and diversifying production, business sources said on Saturday.

President of the Industrial Association, Jose Severino, told reporters that the economic forecast is also based on a strong trade balance, which has a surplus of more than 22 billion U.S. dollars.

Last year, Angola saw a four percent economic growth, with the country seeking alternatives to the international financial and economic crisis, according to Severino.

The representative of the business organization, which brings together around five thousand institutions in various sectors including industry, agriculture and construction materials, also reiterated the nation’s commitment to strengthening South-South cooperation.

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