Angola’s government forecasts economic growth of 4.9% in 2018

15 February 2018

The Angolan government is convinced that the country will achieve a gross domestic product (GDP) growth rate of 4.9% in 2018, the Angolan minister of State and Economic and Social Development, Manuel Nunes Júnior said on Wednesday in Luanda.

Nunes Júnior added that the State Budget contains a forecast that “was based on fundamentals that are considered important and credible,” adding that as the year progresses it will be possible to see “whether this forecast holds or not.”

The State Budget for 2018, approved on Wednesday, was only presented as a draft bill in December due to the general elections in Angola in August 2017 and will come into effect on 1 March.

In the version originally delivered by the Angolan government in parliament – which has since undergone several approved recommendations with a financial impact – included a deficit of 697.4 billion kwanzas (US$3.311 billion), equivalent to 2.9% of GDP, leading to the fifth consecutive year of deficits.

“Even in the more advanced economies there are always reviews of the growth forecast, we will work to keep the one we have, but if there is a need for a review, we will do it,” added Minister Manuel Nunes Júnior, quoted by Angolan news agency Angop. (macauhub)