Angola’s balance of payments at highest ever level in 2005

10 October 2006

Luanda, Angola, 10 Oct – The Angolan economies balance of payments on current accounts in 2005 was at its highest ever level, of US$1.113 billion, which was almost totally achieved by oil and diamonds.

The 2005 Angola Economic Report, published in Luanda by the Catholic university, said that the balance of payments posted growth of 62.2 percent against 2004.

At the end of 2004 the balance stood at US$686 million.

The report said however that 98.5 percent of this increase was due to growth in the production of oil and diamonds.

The conclusions of the study showed that the rest of the economy in Angola did not yet have significant potential to impact on the country’s international trade.

The report also pointed to the oil sector as being the main sector responsible for the 56.9 percent increase of the Gross Domestic Product per capita, which rose from US$1264.6 to US$1,984.3.

The oil sector contributed 41 percent to this rise.

In terms of the balance of capital, the report showed that at the end of 2005 it totaled US$2.6 billion.

This high level was the result, the study said, of external investment, particularly credit lines granted by China, India, Brazil and Portugal. (macauhub)