Angola raised 3.242 billion kwanzas (US$20,3 billion) in taxes in 2015, a decrease of 26.35 percent compared to 2014, according to the government’s strategy document for the country to overcome the crisis triggered by the fall in oil prices.
The document, cited by Portuguese news agency Lusa, said that non-oil revenues had increased to 1.205 billion kwanzas (US$7.5 billion), “16.13 percent below the government forecast.”
Accounts for 2015, the document said, were “strongly influenced” by the drop in oil prices, as was the budget deficit of around 4.5 percent of gross domestic product (GDP), against a previous forecast of 4.2 percent.
The situation caused by the drop in oil prices on the international market – which required the approval in March of a new state budget for 2015 – led, this document said, to a cut in current public spending of 69.75 percent and 30.25 percent in capital expenditure.
On 27 January the Angolan government approved a strategy document to overcome the financial crisis, which involves replacement of oil as Angola’s main export and using debt to invest in domestic production, according to information provided at the time by Minister of Planning and Territorial Development, Job Graça. (macauhub/AO)