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Thu, 17 Nov 2016 18:09 - Updated Thu, 17 Nov 2016 18:09

Investment in energy sector to boost GDP growth by 2017

Luanda - The energy and water sectors, accounted for 42.2%, farmers with 7.3% and manufacturing industry (4.2), will be the main drivers of the country's economic growth in 2017.

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Minister of Finance, Archer Mangueira

Photo: Rosário dos Santos/Arquivo

The figures are based on projections of draft Budget for 2017, which is currently being discussed at National Assembly.

In addition to these sectors, that will allow the country's economy to grow more (2.1%) compared to 2016, whose rate was 1.1%,  highlight went to the fishing and construction areas expected to reach 2.3%.

The Finance Minister, Archer Mangueira, who presented the proposal, said that due to the country's macroeconomic environment, the oil sector is expected to grow 1.8 percent and 2.3 for non-oil sector.

According to him, the general budget was prepared with projections and indicators of an oil output of 662.2 million barrels.

The figure corresponds to an average of 1.8 million barrels per day, the official added.

The minister also predicted a fiscal deficit of 5.8 percent in budget for GDP.

The deficit will be covered by domestic and external financing, the official said,  predicting an annual inflation not more than 15.8 percent.

The Budget comprises revenues and expenditures estimated at 7.3 trillion kwanzas.

He mentioned the social and economic sectors as having covered 56.6 percent of total expenditure, while the remaining expenditure accounts for 43.4 percent of total expenditure.

In terms of functional and territorial distribution, he said the 2017 budget expenditure is concentrated in the provinces of Luanda, Cuanza Norte, Cabinda, Huambo, Bié and Benguela.

The minister also said that the progress of depreciation of exchange rate as well as the resumption of the inflation rate strengthened the slowdown of the economy.

He clarified that the government has adopted a set of restrictive policies coupled with the objective aimed to put an end to its acceleration and subsequently making it negative.

Tags Economy   OGE   Parlamento  

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