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Angola hit hard by oil price slump

LUANDA, June 13, 2016 – Job statistics from the Angolan Industrial Association released over the weekend revealed losses in the range of 60,000 jobs over the past 12 months, largely due to the collapse in oil prices.

 

Speaking to reporters on Sunday, chairman José Severino said the oil industry as well as the civil engineering sectors were hit particularly hard, adding that while the Angolan government’s revenues had halved since June 2015, the outlook for the industry remained positive nonetheless. “Oil prices are rising and the economy will be running in a new macro-environment,” he said.

Severino also urged the government to take the necessary steps to arrest the decline in foreign currency reserves. This, coupled with aid from the IMF, would further improve economic prospects for Angola.

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