Angola’s economy started a stabilisation phase in the first half of this year, following a recession between 2016 and 2017, Finance Minister Archer Mangueira said in Luanda on Thursday in the opening session of the 9th Advisory Council of his ministry.
He added that the stabilisation phase was the result of measures taken by the government, such as fiscal consolidation and decisions involving public finances, to respond to situations that were causing economic stagnation.
Cited by the Angop news agency, the minister recalled that after a 2.5% economic contraction in 2017, against 2.6% in 2016, the most recent estimates prepared under the Macroeconomic Stabilisation Program for 2018 point to growth of Gross Domestic Product in the order of 2.2%.
Mangueira said that the recovery in oil prices in recent months has been influencing this trend and recalled that the “strong” deterioration in public accounts in 2015, 2016 and 2017 was a consequence of the sharp drop in oil prices from the second half of 2014.
Under the motto “New foundations for fiscal consolidation,” the Advisory Council, which is due to end on Saturday, is analysing issues related to the fiscal policy of the 2018 General State Budget, the budgetary control system, delaying settlements and the new Competition Law, among other subjects. (macauhub)