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Remittances from Angola to Portugal drop 14.3% in 2014

Staff writer |
Remittances from Angola to Portugal dropped by 14.3 percent between January and November last year, according to Portuguese newspaper Publico.

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Portugal received 213.6 million euros in the first 11 months of last year, 38.6 million euros less compared to the same period in 2013.

This decreasing trend began to appear in March but September was an exception, when remittances rose by 5 percent, or by almost 1 million euros.

Between 2009 and 2010, when Angola was affected by the financial crisis and a fall in oil prices, remittances continued to rise.

Angola, Africa's second-largest crude oil producer behind Nigeria, is facing increasing financial difficulties due to low oil prices and is having to impose tougher financial discipline to get the country back on track.

The country is still recovering from a 27-year civil war which ravaged the country and ended in 2003.


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