Angola approves 2018 state budget forecasting 4.9 pct growth

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Joao Lourenco speaks at a media conference in Luanda, Angola, August 22, 2017. REUTERS/Stephen Eisenhammer/Files

LUANDA (Reuters) – Angolan lawmakers on Wednesday approved a 9.6 trillion kwanza ($45.69 billion) state budget for this year forecasting 4.9 percent economic growth, well beyond the 1.6 percent expected by the International Monetary Fund.

Oil-rich Angola’s economy took a hit from the slump in global commodity prices from mid-2014 and has struggled to recover.

The budget predicts a fiscal deficit of 2.9 percent of gross domestic product.

Minister for Economic Development Manuel Nunes Júnior said this year’s targets could be revised if necessary. He added that Angola would need to reduce debt levels, given revenue difficulties.

($1 = 210.1150 kwanzas)

Reporting by Herculano Coroado; Writing by Alexander Winning; Editing by Peter Graff

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