22 June 2018

Angolan Economy Enters Stabilization Stage

Luanda — The Angolan economy entered a stabilization stage in the first six months of this year after suffering a recession in 2016 and 2017, said on Thursday the Finance minister, Archer Mangueira.

The stabilization, said the minister, resulted from the government's measures such as the tax and public finance consolidation process aimed at helping the country not to get stuck with a stagnant economy.

The official, who was addressing the opening ceremony of the 9th Consultative Council of the Finance Ministry, going until June 23, said the Macroeconomic Stabilization Programme outlined by the Angolan government is having positive results in 2018.

Archer Mangueira also said that now that the first six months of this year are basically gone, it is time to embark on macroeconomic stabilization process.

Based on data provided by the National Statistics Institute, the Gross Domestic Product (GDP) recorded 2. 5% in 2017 against 2. 6% in 2016, said the minister.

Recently unveiled data, in the ambit of the Macroeconomic Stabilization Programme elaboration for the year 2018, announces a prediction of a 2.2% GDP growth this year.

After two years of economic recession, in 2018 Angola will finally resume its economic growth, said the Finance minister.

However, the minister added that there are dangers in this process about which the government is aware.

Archer Mangueira explained that it has been recorded in the Angolan market some developments with the potential to generate systematic risks and a new cycle of economic recession.

Among them, he said, there is the continued growth of the government's public debt and the level of the pressure on the treasury, as well as challenges with maintaining a low level of expenses with capital, goods and services, mainly recorded in social sectors.

The event, running under the motto "New Fundaments for Fiscal Consolidation" is also discussing themes relating to tax policies, State Budget 2018, Budget Control System, Arrears Regularization and the new law on Competition.

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