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Tue, 11 Jun 2019 13:31 - Updated Tue, 11 Jun 2019 13:31

Financial result of 2017 General State Account records AKZ 1.1billion deficit

Luanda - The financial result of the 2017 General State Account (CGE) recorded a 1.1 billion kwanzas (AKZ) deficit, representing a 501 percent decrease compared with the year 2016.

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However, the State budget for that period of 2017 recorded a deficit of AKZ 165.3 million against the AKZ 516.1 million superávit registered in 2016.

The data is part of the final opinion report of the General State Account concerning the economic year of 2017 approved on Monday by the first, fourth and fifth specialized commissions of the National Assembly.

The public debt in 2017 totalized AKZ 13.1 billion decomposed in AKZ 6.3 billion external debt with domestic debt registered at AKZ 5.9 billion, while the debt of the public firms revolved around AKZ 826 billion.

The report also indicates that the General State Account for the economic year of 2017 was executed in a context that the national economy recorded a sluggish growth and imbalance in its external and domestic accounts as a result of the price drop of the crude oil in the international market.

The CGE embodies all central and local administrations of the State, public institutes, autonomous services, social security and sovereignty organs.

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