Angola’s non-oil economy expected to continue to grow between 2018 and 2022

4 July 2018

The average annual growth rate of the non-oil economy in Angola will stand at 5.1% in the period from 2018 to 2022, the State Minister for Economic and Social Development Manuel Nunes Júnior said on Tuesday in Luanda.

The minister said that the sectors responsible for this growth will be agriculture, with an average annual growth rate of 8.9%, fisheries with 4.8%, manufacturing with 5.9%, services including tourism with 5.9% and construction with 3.8%.

Nunes Júnior, who was speaking at a session to present the National Development Plan (PDN) to business owners, said that during the period covered the oil economy would have negative annual average growth of 1.8%, “which means that the non-oil economy will have to grow strong enough to offset the negative variation in hydrocarbon extraction.”

Quoted by Angolan state news agency Angop, the minister of state stressed that macroeconomic stabilisation is a necessity to increase national production, make entrepreneurs stronger and more competitive, promote exports outside the oil sector and to substitute imports.

The NDP for 2018/2022, which contains 25 strategic policies and 85 action programmes, is based on five main pillars: sustainable, diversified and inclusive economic development, the infrastructure needed for development, peacebuilding, strengthening of the democratic state and law and good governance, state reform and decentralisation. (macauhub)