ANGOLA'S OIL STORY CONTINUES

摘要

Angola's economic fortunes took a turn for the worse in 2016. Falling oil receipts and tighter government spending dented gross domestic product (GDP) growth, which contracted by about 4.7% in the first three quarters of the year. A dwindling supply of foreign currency, sourced mainly through the oil sector, hampered the inflow of imports essential to the functioning of the non-oil private sector, while headline inflation reached a multi-year peak of 41.9% in December 2016. These problems, and others, have laid bare the authorities' failure to diversify the economy over the past decade, despite Angola's vast non-oil potential.