Ver Angola

Economy

Executive estimates national economy to grow 2.4 percent this year

Milton Reis, Secretary of State for Planning, said that the Government estimates that the national economy will grow by 2.4 percent this year, taking into account the forecasts of recovery in economic activity, where an increase in the oil sector is expected in the order of 1.6 percent and 3.1 percent in the non-oil sector.

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Among the factors that may justify the positive forecasts on the recovery of economic activity are the growth in oil production - which should reach an average of 1,148,000 barrels of oil per day - as well as growth, in the order of around 10 percent, in the diamond sector.

Outside the oil sector, the Secretary of State for Planning informed that other sectors of the national economy should also register positive growth, with emphasis on the sector of industry (4.5 percent), agriculture (4.3 percent) and fisheries (4 percent).

Regarding the sector of industry, the official, quoted by Angop, indicated that its growth should be stimulated by the increase in the production of sugar (by 27 percent), table water (by 20 percent), animal feed (by 17 percent), juice (by 9.2 percent) and beer (by 2 percent).

As for agriculture, he clarified that the impetus will be based on activities to help the 2021/2022 agricultural season, which will contribute to an increase of about six percent in banana production, five percent in cassava production, 4.5 percent for sweet potato, 3.5 percent for maize and 3.2 percent for rice.

However, the official warned that the forecasts take place in a context of uncertainty, being dependent on a few factors: "This growth forecast takes place in a context of marked uncertainty, as it depends, for example, on the evolution of the Covid-19 pandemic, on the rainfall conditions and other factors that may negatively impact economic activity".

Speaking at the briefing of the Ministry of Economy and Planning, the Secretary of State said that the preparation of the Executive Macroeconomic Programming for 2022 is underway, which aims to assess the performance of the main factors in this area, which includes the launch of the Gross Domestic Product.

Macro-fiscal programming, the behavior of the external sector and monetary accounts, with a view to ensuring that this year the non-oil sector is more dynamic, are among the various activities of this instrument, he said.

He also mentioned that the Strategic Food Reserve aims to protect the purchasing power of consumer goods as well as assisting the country's producers, giving priority to the acquisition of national production.

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