Angola’s current account balance vulnerable to external shocks

22 November 2013

Angola’s current account balance, despite posting surpluses, is very vulnerable to external shocks, as was found in 2009 when oil prices fell, Angola’s economy Minister, Abraão Gourgel said recently in Luanda.

Speaking at a ceremony to launch the Community of Angolan exporting and Internationalised Companies (CEEIA), the minister said that in 2012 Angola had posted a surplus of US$7.5 billion, or 6.7 percent of GDP, which was a downturn compared to the surplus of US$11.3 billion in 2011.

Gourgel noted that Angola’s non-oil exports were focused on a small group of goods, including coffee, wood, diamonds and ornamental stone and added that, more recently, “we have seen some efforts to export by the beverage industry.”

The minister noted the implementation of policies to support diversification of the economy and to encourage exports and said that the National Development Plan for 2013/2017 had set a target of growth for non-oil exports of an average of 23 percent. (macauhub)