Angola’s 2018 state budget includes economic growth projection of 4.9%

11 December 2017

The draft law on the Angolan State Budget for 2018 includes a forecast of economic growth of 4.9%, the minister of Finance, Archer Mangueira told Radio Nacional, adding that 2016 and 2017 had been “absolute zero in terms of economic growth,” despite a forecast of 1.7% for this year.

The minister also told the radio station that the oil sector, which has been shrinking for a few years, is expected to grow at a rate of 6.1% and the non-oil sector by 4.4%, due to the launch of projects and the fact that measures have been taken for production to recover.

In the non-oil sector, Mangueira noted the sub-sectors of energy, with the entry into operation of two turbines at the Laúca hydroelectric facility, as well as the re-launch of road reconstruction in the middle of this year.

The minister said that the budget deficit expected in 2018 will be lower than the 5.3% of GDP planned for this year, which is needed to change the current debt scenario, given that the greater the budget deficit the more debt the State will be obliged to take on to cover expenditure.

The Finance Minister said that the government’s plans for 2018 include the payment of debts in arrears, under a programme that gives priority to all companies that supply goods and services that have registered with the Ministry of Finance.  (macauhub)