Angola’s draft budget forecasts 2025 deficit of 1.65% of GDP

LUANDA (Reuters) -Angola’s government anticipates a budget deficit of 1.65% of gross domestic product in 2025, slightly higher than this year’s projected 1.46% deficit, draft budget documents showed.

The draft 2025 budget of Africa’s second-largest crude oil exporter is based on a $70 a barrel oil price, according to the documents posted on the finance ministry’s website. Brent crude futures were trading around $74 a barrel on Friday.

Angola’s finance minister Vera Daves de Sousa told Reuters last week that the prospect of lower oil prices was putting a lot of pressure on the southern African country.

The draft budget also sees economic growth accelerating to 4.1% next year from 3.3% this year, with faster growth predicted for non-oil sectors.

External financing needs are seen at 7.09 trillion kwanzas ($7.80 billion) in 2025, up from the 6.17 trillion seen in 2024. Internal financing needs are estimated at 7.55 trillion kwanzas, up from 3.83 trillion this year.

The finance ministry estimates annual inflation will end next year at 16.6%, from over 29% currently.

Daves de Sousa told Reuters last week that Angola was considering requesting a financing programme from the International Monetary Fund.

Its most recent IMF programme was for $3.7 billion, approved in 2018 after global crude prices tanked, decimating the country’s revenues.

($1 = 909.0510 kwanzas)

This post is originally published on INVESTING.

  • Related Posts

    Exxon, Chevron top Q3 profit expectations on record high oil output

    By Shariq Khan NEW YORK (Reuters) – U.S. oil producers Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) posted better-than-expected third-quarter profits on Friday, outperforming their European rivals, as record high oil…

    Spain flood death toll hits 205, rescuers yet to reach some parts of Valencia

    By David Latona and Charlie Devereux ALFAFAR, Spain (Reuters) -Spanish rescuers opened a temporary morgue in a convention centre and battled to reach areas still cut off on Friday as…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Exxon, Chevron top Q3 profit expectations on record high oil output

    • November 1, 2024
    Exxon, Chevron top Q3 profit expectations on record high oil output

    Spain flood death toll hits 205, rescuers yet to reach some parts of Valencia

    • November 1, 2024
    Spain flood death toll hits 205, rescuers yet to reach some parts of Valencia

    How much do Forex traders make per month?

    • November 1, 2024
    How much do Forex traders make per month?

    Broadridge Acquires Canada’s Wealth Management Solution Provider

    • November 1, 2024
    Broadridge Acquires Canada’s Wealth Management Solution Provider

    Broadridge Acquires Canada’s Wealth Management Solutions Provider

    • November 1, 2024
    Broadridge Acquires Canada’s Wealth Management Solutions Provider

    XAUUSD: Elliott wave analysis and forecast for 01.11.24 – 08.11.24

    • November 1, 2024
    XAUUSD: Elliott wave analysis and forecast for 01.11.24 – 08.11.24