Chapter four: Economic governance and management 339. The economy of Lesotho has undergone significant structural shifts since independence. This shift is manifested in the transition from an agrarian economy to a semi-industrialised one driven by manufacturing and services (see figure 4.1). In 2007, for example, agriculture accounted for only 9 per cent of GDP, while industry as a whole accounted for about 50 per cent. The contribution of total services is about 40 per cent. 340. It is worth noting that Lesotho lacks comprehensive, consistent, reliable and up-to-date statistics that conform to international standards. For example, data on GDP used by different institutions, such as the MoFDP and the Central Bank of Lesotho (CBL), differs at times from the data published by the Bureau of Statistics (BOS). Further, data obtained from domestic sources is often different from that published by international institutions such as the World Bank. It is particularly important to note that the GDP classification used by the MoFDP does follow the standard United Nations (UN) Classification of Systems of National Accounts. Figure 4.1: Structure of GDP, 2007 (per cent) 6.5 9.1 Agriculture, forestry and fishing 8.5 Manufacturing 14.5 4.6 Mining and quarrying Public administration Construction, electricity and water 10.2 8.1 Wholesale, retail trade and repairs Social services Financial services 12.0 15.2 11.2 Real estate Other Source: Calculations based on data from the MoFDP, Maseru. 341. The starting point of the growth strategy is to identify potential growth sectors and to remove the constraints that have prevented the potential of the sectors from being realised. In this regard, the growth strategy has identified manufacturing, agriculture, mining, tourism and the private sector as the potential growth sectors for Lesotho. 342. Manufacturing. Partly because of its limited domestic market, the most viable growth option for Lesotho is export-led growth. The manufacturing sector is at the heart of this option. It contributed an annual average of about 19 per cent to GDP between 2001 and 2006. The textile, clothing and footwear subsectors contributed the most, followed by food products and beverages. Manufacturing is also the largest formal employer of labour and it currently employs about 47,605 people. Apart from the incentives provided by the government, this sector has benefited from the 99