Oil accounts for smaller portion of Angola’s GDP as production in other sectors increases

7 November 2014

The weight of oil production in Angola’s Gross Domestic Product (GDP) declined in the last five years from between 60 and 65 percent to between 41 and 43 percent, reflecting the higher contribution of other sectors, Angola’s Oil Minister said said Thursday in Luanda.

Minister Jose Maria Botelho de Vasconcelos, who was speaking at a meeting about the importance of internationalisation of Angolan companies, said that this drop in the composition of GDP reflects the commitment to non-oil sectors of the economy.

At the meeting promoted by the Community of Angolan Exporting and Internationalised Companies (CEEIA), the minister noted that oil “has been the basis of our development.”

“In 1975 we were producing about 173 000 barrels [per day]. Today, after almost 40 years, we produce ten times more [1.8 million barrels],” he said.

He said, however, that the weight of oil revenues “continues at the level of 1975,” while in exports this dominance is now 98 percent, with almost half of Angola’s output – 46 to 48 percent – being sent to China.

The 2015 Angolan State Budget prepared by the Government outlines daily production of 1.83 million barrels of oil, or 10 percent growth compared to this year. (macauhub/AO)