Angola: Non-oil sector to lead economic growth until 2022

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Angola: Non-oil sector to lead economic growth until 2022

7:37 CAT | 30 Oct 2018

File photo: Lusa

Angola forecasts an average annual growth rate in real terms of 3% by 2022, according to the country’s national development plan for 2018-2022, with the non-oil sector leading revenue.

The country’s national development plan was presented in Luanda on Tuesday by the minister for economy and planning, Pedro Luís da Fonseca, at a ceremony chaired by the minister of state for economic and social development Manuel Nunes Júnior.

Nunes Júnior said at the opening of the event that the oil sector would see an average annual growth of around 1.8% by 2022.

“This means that the non-oil sector will have to have a sufficiently strong growth to outweigh the downside faced by the oil sector,” he said.

He said the main drivers of growth in the non-oil sector would be agriculture, with an average growth rate of 8.9%, fishing (4.8%), the manufacturing industry (5.9%) and services, including tourism (5.9%) and construction (3.8%).

Angola has been plunged in a financial crisis since oil’s mid-2014 price crash. The government has introduced several policy changes including relaxing currency rules since João Lourenço came into power in September.

Angola sought for help by the International Monetary Fund after growth was poorer than expected this year. According to World Bank figures reported by Lusa recently, Angola ended 2017 with public debt equivalent to more than 71% of its gross domestic product (GDP).

Source: Lusa