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Falling oil prices hurt Angola's economy as govt cuts spending

It relied on oil to generate 70% of taxes and 95% of export income last year

Published Sun, Aug 9, 2015 · 09:50 PM
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Luanda

BUILDER Joao Victor is witnessing the havoc that plummeting crude prices are wreaking on Angola's oil-addicted economy.

"I used to have government contracts to build schools and health centres," Mr Victor, 40, said in an interview in Luanda, the capital. "Now, I can't get anything because of the oil prices."

Angola, Africa's large…

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