Diamonds account for 2 percent of Angola’s exports in 2008

30 September 2009

Luanda, Angola, 30 Sept – Diamonds accounted for just 2 percent of Angola’s total exports in 2008, according to figures in a report published by the Bank of Portugal.

According to the latest estimates from the National bank of Angola (BNA) and the International Monetary Fund (IMF) in 2008 Angola’s total exports (in USD) rose 46.6 percent.

The figures, which are included in a report called, “Development of the PALOP and East Timor economies 2008-2009,” showed that oil, “accounted for over 96 percent of Angola’s total exports, whilst diamonds come a distant second with around 2 percent”.

The rise in value of crude oil exports (from US42 to US$63 billion) has made it possible to accommodate substantial rises in imports and net deficits in the balance of services and incomes whilst also guaranteeing an overall balance of trade surplus (US$5.8 billion), or the equivalent of 7 percent of the total gross domestic product (GDP), said the Bank of Portugal report.

In 2008, Angola’s GDP rose 14.8 percent in real terms, according to Bank of Angola and IMF estimates. (macauhub)