Oil accounts for 75 pct of Angola’s tax revenues

5 July 2013

The Angolan economy is focused on oil, which accounts for between 40 and 50 percent of its Gross Domestic Product (GDP) and provides around 75 percent of tax revenues, and provides a constant flow of foreign currency, Finance Minister Armando Manuel said Thursday in Luanda.

Speaking at the closing ceremony of a debate on the new oil sector foreign exchange regime, the minister said that the lessons learned by Angola since its independence and creation of its national currency, confirmed the strategic role of foreign exchange operations.

Cited by Angolan news agency Angop, Manuel said that that strategic role had also been important for developing the financial market and balance public accounts.

“The macroeconomic policy of each country should not be based on imitation, but on in-depth knowledge of the national reality,” said the minister. (macauhub)