Public firms’ assets represent 45 percent of Angola’s GDP

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GDP
GDP

Angola’s Secretary of State for Budget and Public Investment, Aia-Eza da Silva, on Thursday said the assets of the public companies represent around 45 percent of the country’s Gross Domestic Product (GDP).

The official disclosed the information at the opening of the presentation of accounts by public firms for 2018, adding that the economic relevance of public companies is undeniable, since it encompasses more than 80 companies in the main sectors of the economy, employing more than 50,000 workers.

She also underscored that the financial performance of the sector faces several challenges, which has hugely contributed to the growth of the public debt.

The strong limitations in the State Budget, generated by the current economic context along with international commitments with International Monetary Fund and other creditors, in addition to other commitments at level of public investment are also among the challenges faced by the sector, Silva said.

The current scenario, she added, requires reflection on the availability of direct and indirect subsidies channeled under public investments, among other types of support provided over the last few years, which due to their magnitude, compromise the ongoing efforts to improve the quality of public expenditure. Enditem

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