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Angola's draft budget forecasts 2025 deficit of 1.65%/GDP

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Angola's draft budget forecasts 2025 deficit of 1.65%/GDP

1st November 2024

By: Reuters

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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.

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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.

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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.

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