Dili, Oct. 11, 2024 (Lusa) - The contribution of non-oil producing companies to Timor-Leste's economy last year increased by 4.7% to $590.2 million (€535 million), according to the country's National Statistics Institute (INE).
"The total value of Industry Value Added [IVA] of all non-oil producing companies operating in Timor-Leste increased by 4.7%, from 563.5 million [dollars, €510.8 million] to 590.2 million dollars, between 2022 and 2023," reads the INE's 2023 Business Activity Survey report.
INE data indicates that the retail and wholesale trade sector made the largest contribution with $191.5 million (€173.6 million), followed by construction with $180.2 million (€163.36 million) and other sectors with $54 million (€48.95 million).
"The smallest contribution to VAT in 2023 came from the transport sector with 21.7 million dollars" (€19.6 million), the INE notes.
The 2023 Business Activity Survey also shows that, in December 2023, there were "62,500 people employed in companies in Timor-Leste, representing a 3% increase" compared to December 2022, with men accounting for 66% (43,000) of those employed, it adds.
"Between 2022 and 2023, male employment increased by 1.9%, while female employment grew by 4.7%. The majority of employees in Timor-Leste worked in companies operating in Dili (78.7%, or 51,300 people)," the survey report states.
According to the document, the retail and wholesale trade sector accounted for 16,400 people, or 25.1% of total employment, while 23,100 people, or 35.4%, worked in sectors other than the main ones.
The survey also reveals that the total profit generated by companies not related to petroleum production in Timor-Leste in 2023 fell by 1.7% compared to 2022, to $525.7 million (€476.5 million).
Construction generated 31.9% of total profit, at $167.9 million (€152.2 million), the highest proportion of all sectors.
INE points out that oil-producing companies, public companies and the informal sector of the economy, including subsistence agricultural production, informal manufacturing and street vendors, were excluded from the survey.
The informal sector also includes taxi drivers and autonomous goods transport lorries.
MSE/ARO // ARO.
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