Angola’s fiscal receipts from the export of oil totalled 2.83 trillion kwanzas (US$27.3 billion) in 2014, down by 500 billion kwanzas from a year earlier, or 17.6 percent, as prices on international markets slid.

The information was compiled by news agency Lusa based on figures from the African country’s Ministry of Finance. It covered fiscal revenue from oil exports for the period between January and December 2014, using the current exchange rate.

For the whole of 2014, Angola exported 599.1 million barrels of oil, down from the 629.2 million barrels exported in 2013. The Government collected revenue of 3.35 trillion kwanzas in 2013 from oil exports, according to Lusa.

Germany-based Deutsche Bank warned in a report published recently that the Angolan economy is “vulnerable to lower oil prices”.

While saying that Angola is better prepared to respond to the oil shock than it was in 2008, the Deutsche Bank analysts recall that oil accounts for 95 percent of the country’s exports and 75 percent of the Government’s revenue.

“For 2015, the oil price that would deliver a balanced budget is around US$110 per barrel, assuming no changes in public spending. Thus, if oil prices average US$80 dollar per barrel, major expenditure cuts will be needed to prevent the budget deficit from sharply increasing compared with 2014,” said the German bank research team.