Angolan parliament approves 2007 State Budget by a majority

14 December 2006

Luanda, Angola, 14 Dec – The Angolan economy is projected to grow by 31.2 percent in 2007, according to the macroeconomic forecasts in the country’s State Budget proposal, approved Wednesday by the country’s parliament.

The proposal, which was approved by a majority, expects the oil sector to see growth of 33.6 percent in 2007, while the non-oil sector is projected to grow by 28.9 percent.

The proposal set out targets for 2007 of accumulated inflation of 10 percent, production of 737.6 million barrels of oil and foreign debt of US$17.447 billion, which is the equivalent of 33.9 percent of the Gross Domestic Product (GDP).

According to the government’s calculations, the budget will have a deficit of US$1.709 billion, which is 3.3 percent of GDP.

In Wednesday’s plenary session, the Angolan parliament also approved the General Government Program for 2007/08. (macauhub)