Angola’s budget for 2018 due for final approval on 15 February

8 January 2018

The Angolan parliament has scheduled the assessment and voting on the proposed General State Budget (OGE) bill for 2018 for 18 January and a final vote on 15 February, according to a statement released by the National Assembly.

The debate in parliament will include sessions for appreciation of the 2018 budget proposal including the Minister of State for Economic and Social Development and the ministers for the social sector, the economic team and the real sector of the economy and local authorities.

The Angolan government accounts for 2018 outline a deficit of 697.4 billion kwanzas (US$4.182 billion), equivalent to 2.9% of the country’s Gross Domestic Product (GDP), and the fifth consecutive year of budget deficit, due to the crisis that began with the drop in oil prices.

The estimated deficit of 2.9% is the fifth consecutive deficit, after 5.3% of GDP forecast in the 2017 budget, 7% in 2016, 3.3% in 2015 and 6.6% in 2014, when the oil revenue crisis began.

The 2018 State Budget outlines estimated expenditure of 9.68 trillion kwanzas (US$58 billion) and economic growth of 4.9%. (macauhub)