Menongue, Angola — 16 September 2013 – The Angolan economy has become vulnerable as a result of its high dependence on the oil sector, which now accounts for 45% of the country’s gross domestic product.
Making this statement here, minister of territorial development and planning Job Graça said that besides representing nearly half of GDP, the oil sector provided 60% of total tax revenues and accounted for 90% of the country’s exports, reports Macauhub News Agency.
The 2013-2017 National Development Plan contains measures to reduce vulnerability resulting from dependence on that sector, such as a strategy to diversify the structure of the national economy during the first years of the current governance cycle, to expand the growth base by stimulating intensive labour sectors, he said.
Graça stressed that the demand for employment should be met through this process, resulting from the implementation of policies for training and capacity-raising by means of the national strategy for human resource development and the national personnel training plan.
“Economic diversification in intensive labour sectors such as agriculture and agro-livestock will be driven by private investment and leveraged by public investment,” the minister added.
Source: Macauhub News Agency. For more information, click here.