Luanda — Angola is going to record a fiscal deficit in the order of 4% of the Gross Domestic Product (GDP), said the President of the Republic, João Lourenço Thursday.
According to the President of the Republic, the reduction in the price of the oil in the international market and the covid-19 are the main causes of the fiscal deficit.
Angola produces 1.4 million barrels a day and its price on the international market is around USD 41 to 42.
Delivering the State of the Nation Speech, at National Assembly, the president said Oil revenues represent about 90% of the General State Budget (OGE).
This year revenues and expenses stands at 13 billion kwanzas, predicted the president.