Oil in Angola accounts for just 39 percent of Gross Domestic Product

19 December 2012

The weight of oil in the Angolan economy, measured as a percentage of Gross Domestic Product (GDP), is expected to be around 39 percent at the end of 2012, as compared to 56 percent in 2002, the chairman of Angolan bank Banco Espírito Santo Angola (BESA), said in Luanda according to the Angolan press.

Citing figures from the Ministry for Planning, Álvaro Sobrinho said that, “since 2002 the weight of the oil sector has been falling, and this year stands at around 39 percent, which is a sign of the economy’s diversification.”

Diversification of the Angolan economy has coincided with a period of strong growth, which reached 10.6 percent per year on average between 2000 and 2011, making it the 5th highest rate in the world on a list headed up by Equatorial Guinea, according to BESA’s figures, which are in turn based on those of the International Monetary Fund (IMF).

However, in a recent study of the banking sector in Angola, the KPMG consultancy noted that Angola’s economy, “has one of the most significant rates of GDP growth,” and is part of a group of benchmark countries in Africa, but warned that, “GDP still remains very dependent on revenues from oil.” (macauhub)