Monday, December 11, 2023

Angola plans a GDP growth of 2.84 percent in 2024

The previous day, the Council of Ministers, led by the Angolan president, João Lourenço, spoke in an extraordinary meeting for the next presentation to the National Assembly, the draft General State Budget for next year.

According to a statement released to the press about the meeting, the Executive projects an estimated income and expenditure of 24 billion kwanzas (about 28,437 million dollars) for 2024.

In this regard, the head of the sector, Vera Daves, explained to the Angolan Press Agency that the proposal is based on the growth of 2.84 percent of the GDP, which is based only on the performance of the non-oil sector, which intends to grow by 4.6 percent.

He added that crude oil production will decrease by 2.6 percent, including gas production, which is expected to decrease by 2.5 percent.

The calculations were made based on oil production of one million 60 thousand barrels per day and a reference price of 65 dollars per barrel, to avoid stress situations and have relative stability over the course of the tax revenue.

Despite this, there are always risks, said the minister and indicated those involved in the geopolitical environment, which may change the price of raw materials, including the price of hydrocarbons, with effects on execution prospects and the volatility of exchange rates.

In 2024, fiscal spending is expected to be 59.3 percent and financial spending 40.7 percent; while social expenses should only increase by one percent compared to the State Budget for 2023.

The Executive will also present to the Legislature a set of temporary, permanent and structural measures to stabilize the income of families and workers, among other aspects.

The budget is the main instrument for programming the economic and financial policy of the State, which expresses, in numbers, the plan of actions to be carried out and determines the sources of financing.

World Nation News Desk
World Nation News Desk
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