Luanda,  - Angola's gross domestic product (GDP) grew up in the last 19 years at an annual average rate of nine percent, said Friday in Luanda the minister of Economy, Manuel Nunes Júnior. 

 
According to Manuel Júnior, who was speaking at the presentation ceremony of the study on "Banking sector in Analysis in Angola 2009", during the past five years, as a result of the peace achieved in 2002, the country has been registering a noticeable acceleration in terms of economic growth at an average rate of approximately 17.4%. 

 
The minister said that this economic growth represents, in absolute terms, double of the gross domestic product over this reduced time span (five years). 

 
“This growth is not only attributed to the expansion of the oil sector. Since 2006, the non-oil GDP has grown faster than the oil sector, which constitutes a positive sign of the process of diversifying the Angolan economy", clarified the official. 

 
Manuel Júnior explained that the vigorous growth has been severely disrupted this year (2009), because of the international financial and economic crisis. 

 
To mitigate the effects of the crisis, he said, the government sets as objectives, the ensuring of macroeconomic stability and reduction of the slowing down level of the domestic product growth rate. 

 
He also informed that due to the crisis, exchange of the Angolan economy was seriously affected, because the oil tax revenues dropped sharply and the amount of currencies available in the market reduced significantly. 

 
The minister also reminded that the price of the barrel of oil in the international market, which in the months of July and August 2008, ranged from 130 to 140 US dollars, fell sharply and reached USD 30 last February. 

 
As a result of the sharp fall in price, he stressed, the country faced relative scarcity of foreign currency, which made life difficult for those depending on foreign currency to conduct their transactions.