Angolan economy creates 1.5 million jobs from 2009 to 2015

17 November 2016

The Angolan economy created over 1.5 million jobs from 2009 to 2015, according to the “Indicators of Economic Growth and Distribution of National Income in Angola”, report, the supporting document to the monthly discussion of the National Assembly, Angolan news agency Angop reported.

The same report indicates that more than 1.36 million jobs were created by the public and private business sector, while 183,800 were created by government services.

The document also reveals that Angola grew from 2004 to 2008 by an annual average of 17%, one of the fastest growing countries in the world in that period and the global economic and financial crisis has had significant effects on the economy, which from 2009 to 2015 had an average annual growth rate of 4.2%.

The lower rates of economic growth from 2014, due to the strong and unexpected drop in oil prices in the international market, which started in the second half of this year and that made the country plunge into a crisis that is still ongoing.

Average annual growth in the oil sector over the 2009-2015 period was negative (-0.78%), when the economy as a whole grew by an annual average of 4.2%, as a result of the non-oil sector contribution, which registered an increase of 7%, with emphasis on agriculture 11%, industry 8%, construction 11.9% and energy with 14.3%.

The report notes that despite the reduction in the weight of the oil sector in the Gross Domestic Product (GDP), of 58% in 2008 to 35% in 2015, oil still remains Angola’s main export and the main source of State tax revenues. (macauhub)