Oil accounts for more than 70% of Angola’s GDP

9 October 2017

The oil sector continues to be one of the main drivers of Angola’s socio-economic development, accounting for more than 70% of the West African nation’s Gross Domestic Product (GDP), said the Chief Executive of the US/Angola Chamber of Commerce (USACC).

Maria da Cruz, who spoke on Friday in Luanda during the 57th edition of the “1st Friday Club”, also said that the oil sector is a strategic pillar to boost the process of economic diversification, according to Angolan state news agency Angop.

The CEO of USACC said the sector should not be relegated to the background because, in addition to representing more than 70% of GDP, it has had a significant economic impact throughout several phases of the country’s history.

Maria da Cruz gave assurances of USACC’s commitment to remain an active partner in achieving the strategic objectives of the Angolan government, by mobilising US entrepreneurs interested in exploring business opportunities in Angola.

The 57th edition of USACC’s “1st Friday Club,” which was attended by business people from both countries, included the new executive director of the organisation, Chindalena Lourenço taking office.

The 1st Friday Club is a meeting on cooperation between Angola and the United States of America, attended by entrepreneurs from a wide variety of sectors of the economy of the two countries.

USACC was established on 28 June 1990, almost three years before the normalisation of diplomatic relations between the two countries, which took place on 19 May 1993. (macauhub)