Angola’s oil sector contributes 55 % to GDP

May 22, 2010 02:00 AM

The oil sector contributes with 55 % to the Gross Domestic Product (GDP) followed by commerce and services (20 %) and farming and fisheries (10 %), Angola's central bank (BNA) governor, Abraao Gourgel, stated.
Addressing the closing session of the 5th meeting of bank lawyers, the central bank governor said that the contribution of oil production in the GDP is still very significant, a situation that is now changing with the implementation of the government's sectorial development program giving priority to the development of agriculture, agro-industry and civil construction.

He said the three sectors are the best placed to create jobs and incomes, at short term, and to reduce the import of consumer goods. The governor revealed that the GDP growth rate was 15 % between 2005 and 2009 while the real growth rate in agriculture, industry and civil construction was 16, 24 and 26 % respectively.
The two day meeting, promoted by the Angolan Banks Association, gathered bank lawyers of the financial institutions operating in the Angolan market.

Source / Angola Press Agency
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