Oil sector accounts for 55 percent of Angola’s GDP

23 June 2010

Luanda, Angola, 23 June – The governor of the National Bank of Angola (BNA), Abraão Gourgel, said Tuesday in Luanda that the oil sector currently accounted for 55 percent of Angola’s gross domestic product (GDP), according to Angolan news agency Angop.

The governor of the central bank also said that Te oil sector was followed by the retail/services sector, accounting for 20 percent of GDP and livestock/fishing with 10 percent.

Speaking at the closing session of the 5th Meeting of Banking Jurists of Angola, which began Monday, Gourgel noted that the weight of oil production on the country’s GDP was still quite significant and added that to change the current framework a Government sector development programme was underway, which set the agriculture, agri-industrial and construction sectors as priorities.

He said that the focus on these three sectors was due to them being able to generate most employment and income, in the short term, as well as contributing to reducing imports of consumer goods.

Based on the 2005 to 2009 period, he said that GDP growth had been of 15 percent, whilst real average rates of growth in the agricultural, industrial and construction sectors had been, 16, 24 and 26 percent, respectively.

The two-day meeting aimed to discuss the problems that banks face in making up for legal gaps in the banking system, and was organised by the Angolan Association of Banks. (macauhub)