Angola’s GDP grows by 9 pct on average over last 19 years

5 October 2009

Luanda, Angola, 5 Oct – Angola’s Gross Domestic Product (GDP) over the last 19 years has grown by an annual average of 9 percent, the country’s economy minister, Manuel Nunes Júnior said Friday in Luanda.

According to Júnior, who was speaking at the ceremony to present the “Banking under Analysis in Angola 2009” study, over the last 5 years, as a result of the peace achieved in 2002, the country had seen significant acceleration in economic growth at an average annual rate of, approximately, 17.4 percent.

The minister said that this growth in the economy in absolute terms represented a doubling of GDP in this short space of time (five years).

“This growth is not only due to expansion of the oil sector. Since 2006 until now, the non-oil GDP has grown at a faster rate than that of the oil sector, which is a positive sign of the diversification process of the Angolan economy,” the minister said.

Júnior said that this growth trajectory was seriously affected this year (2009) as a result of the economic and financial crisis across the world.

He also said that, due to the crisis, the terms of exchange of the Angolan economy were seriously affected as tax revenues from oil fell sharply and the amount of currency available to the economy fell significantly.

He noted that the price of oil per barrel on the international market, which between July and August 2008 stood at between US$130 and US$140 per barrel, had fallen sharply and reached US$30 in February of this year. (macauhub)