Angola: GDP doubles from 2004-07

4 August 2008

Luanda, Angola, 4 Aug – Angola’s GDP doubled from 2004 to 2008 with an average annual increase of 17.8 percent, Assistant Minister to the Prime Minister Aguinaldo Jaime said Friday.

Speaking at the 1st Meeting of University Students of the Samba Municipality, the minister said rapid growth across all sectors on Angola’s economy is essential for sustainable development, although he admitted the role of the extractive sector is crucial.

Angola’s economic expansion calls for more business competitiveness, knowledge and technological innovation and should be accompanied with lasting job creation to permit more social cohesion, added the minister, noting agriculture is the sector with most potential to generate employment.

Extractive industries using advanced technology to create intensive capital are providing financial support for development of other sectors to create jobs, he added. (macauhub)