Angolan parliament approves State Budget for 2013

17 January 2013

Angola’s parliament gave overall approval for the General State Budget for 2013, which is expected to be fully approved before 15 February, said Angolan state newspaper Jornal de Angola.

The macroeconomic scenario included in the budget, the government forecasts growth in Gross Domestic Product (GDP) of 7.1 percent, against 7.4 percent in 2012 and high growth of foreign reserves to US$40.3 billion, or US$8.1 billion more than the amount seen at the end of 2012.

The projected rate of inflation is 9 percent and if the Angolan economy’s trend towards diversification continues, which began in 2006, the government expects growth of 7.3 percent in the non-oil sector and 6.6 percent in the oil sector.

In the document the government has said it expects growth in GDP to lead to higher growth in tax revenues from the non-oil sector, which will gradually replace tax revenues from the oil sector.

The government also forecasts oil production of 673.6 million barrels of oil per year, or 1.84 million barrels per day, at an average export price of US$96 per barrel.

The expenditure outlined in the budget is essentially focused on the social sector, accounting for 33.4 percent of the total. 8.09 percent is earmarked for education, 5.29 percent for health, 10.83 percent for social welfare, 7.02 percent for housing, and 1.1 percent for environmental protection. (macauhub)