Angola: Oil decline won't hurt

"I don't see (any) threat on the challenges posed by a reduction in oil revenues," De Morais told state media.

"Our GDP has been doubling every three years. There will be a slowdown in the growth in the next five years but it will continue to be strong," he said.

Angola, which has the fastest growing economy in Africa, will hold its first parliamentary elections in 16 years next month.

The World Bank estimated this week that the Angolan economy will slow by 11% once the country reaches the two million a day barrel limit imposed by OPEC.

But the estimate came as record diamond revenues were announced for the world's fourth largest producer.

In the first five months of 2008, Angola ranked a record $570m in diamond sales revenue. According to industry sources, the country will reach the $1.3bn mark by the end of year.

Angolan "blood diamonds" faced embargoes in the late 90s in the wake of the 27-year civil war that ended in 2002.

International communities had accused the warring parties of using the sales of gems to feed the conflict against the suffering of population.

- Sapa-AFP