Angola: Global financial crisis reduces Angola's GDP growth

The effects of the global financial crisis, which has hit Angola since 2009, has contributed to the slump of the average Gross Domestic Product (GDP) growth rate from 17 per cent in 2008 to two per cent in 2009 and three per cent in 2011, according to the minister of economy, Abraao Pio Gourgel.
According to the government official, this situation has occurred despite government's stimulus to economic activity, due to the dependence on the oil sector, which accounts for 45 to 50 per cent of GDP and over 75 per cent of state revenues and 98 per cent of total exports.