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Angola: Non-oil sector foresees 5.1% growth/year

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Angola’s minister of State for Economic and Social Development Manuel Nunes Júnior has predicted an average annual growth of 5.1 percent in the non-oil economy in Angola in 2018-2022.

Manuel Nunes attributed the growth to the sectors of agriculture, with an annual average rate of 8.9 per cent, fisheries (4.8 %), manufacturing (5.9%), services including tourism (5.9%) and construction (3.8).

Addressing business class at presentation of National Development Plan (PDN) Tuesday, the minister said the oil sector in referred period will have a negative annual average growth of about 1.8 percent.

According to him, this means that the non-oil sector will have to grow strong enough to counterbalance this negative signal from the extractive industry.

In order to achieve these goals, he defended strictness and focus on implementation of National Production Support Programme.

He also backed the promotion of exports and substitution of imports (Prodesi), seen as the main programmes of National Development Plan.

Meanwhile, the official said that macroeconomic stability is crucial for increasing domestic production, making entrepreneurs stronger and more competitive, promoting exports outside the oil sector and replacing imports.

Manuel Júnior added that macroeconomic stability, presented today to entrepreneurs, will remain among the main objectives to achieve the National Development Plan (PDN 2018-2022).

He believes that the increase of national production and diversification of the economy are a national imperative, as often mentioned by the President of the Republic and head of the Executive, João Lourenço.

“If we fail to achieve strong, sustained and diversified economy, we will not manage to address the country’s serious social problems, such as unemployment, hunger and misery,” he recalled.

National Development Plan 2018-2022’s projections points to an average annual growth in real terms of three percent, he said.

In the view of the minister, the pressure on foreign exchange will be less, and he stressed that savings will be used to invest more intensively in areas reserved for the strategic development of the country, such as education, health, science and technology.

The minister also pointed out that the increase of national production will allow to create more jobs and increase the incomes of the populations and the consequent quality of life of Angolans and to fight poverty.

The PND 2018-2022 brings 83 programmes and becomes the main document of planning and direction of the Executive action.

Source: Angop

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