Luanda – The Angolan Government predicts now a Gross Domestic Product (GDP) of 1.09% for 2023, instead of the initial prospect of 3.6%, disclosed on Thursday, in Luanda, the national director for Planning, Álvaro David.
The manager, who was speaking about the revision of the Executive Macroeconomic Programme for 2023, underscored that the deficit in the Balance of Payments will reach USD 319 million, with the International Reserves predicted to reach 13.943,30 dollars (USD 13.9 million), which is equivalent to just over seven months of goods and services imports.
Álvaro David, who was speaking at the usual briefing organised by the Ministry of the Economy and Planning, underlined that the document, approved on August 9th by the Cabinet Council’s Economic Commission, reports on the macroeconomic variables performance for after the year 2023.
He went on to say that having into account the exogeneous variables, the government has adopted the necessary macroeconomic management measures, with a view to ensuring the materialisation of the objectives outlined in the main programmatic documents, with highlight on the ones inscribed in the 2023 State’s General Budget (OGE).
The director also revealed that there are still prevailing high risks to the macroeconomic performance due to the current geopolitical situation, that is , the reduction of oil production, the level of capital expenditure and the increase in debt service due to exchange variations.
He recalled that it is urgent the effective implementation of measures aimed to stimulate the economy and its potential, in the ambit of the country’s economic diversification process, also with a view to decreasing the unemployment rate.
As regards the 2023-2027 National Development Plan, Álvaro David informed that the drafting of the document has reached its conclusion at technical level, awaiting only a thorough analysis by the Cabinet Council.
He then reminded that the referred plan is the first medium term instrument for the implementation of the 2050 Long Term Strategy recently approved.
HEM/PPA/jmc
