State revenues grow 34% in first half

  • Partial view of Luanda City
Luanda - Angola's total revenues reached 4.8 billion kwanzas (Kz) in the first half of 2021, representing an increase of 34% compared to the same period of the previous year, ANGOP has learnt

According to the balance report of the execution of the 2018-2022 National Development Plan, referring to the first half of 2021, the increase owed to the oil and non-oil revenue which stood at 39.7% and 60.9%, respectively.

There was an accumulated execution in the total expenses of Kz 3.7 million in the first half of the year, representing an increase of 3.3%, compared to 2020.

Expenses current stood at 2.2%, influenced by the increase in expenditure on goods and services of around 56%.

As for the level of net financing contracted by the Government, the report says that it registered a decrease of 128% between the 1st half of 2020 and the 1st half of 2021, from Kz 415 billion to Kz (-694) billion, due to the decrease in domestic financing, which in this period went from a positive balance of Kz 625 billion to a negative balance of Kz (-1.072) billion.

However, the document added, net external financing increased, from a negative balance of Kz (-237) billion, in the 1st half of 2020, to a positive balance of Kz 377 billion, in the 1st half of 2020, due to the increase in disbursements of around 95% in this period.

Thus, in the 1st Semester of 2021, the fiscal accounts registered an overall budget surplus of 2% of GDP, compared to the deficit balance registered in the same period of the year 2020 (-0.8%).

According to the document, government debt had a moderate growth of 1.5% between the end of 2020 and the 1st half of 2021, increasing from Kz 41.3 billion to Kz 41.9 billion.

In the same period, the internal debt grew by 4.6%, standing at Kz 11.6 billion, and the external debt grew by 0.3%, standing at Kz 29.7 billion.

The report says that the average export price of crude oil stood at around 68%, above the 2021 OGE reference price (USD 39/barrel), that is, an average USD 65.5/barrel, configuring, from the outset, a scenario of less pressure on public finances, despite the high level of indebtedness.

The National Development Plan for the 2018-2022 period (PDN 2018-2022), prepared based on the National Long-Term Development Strategy “Angola 2025”, contains a set of fundamental, transversal and sector Programmes, which are implemented through Public Investment Projects and Development Support Activities to implement national policies and achieve the medium-term objectives established by the Government.

The PDN 2018-2022 is structured in 6 axes, subdivided into 23 Strategic Policies, detailed in 70 Action Programmes, implemented by projects and activities foreseen in the Annual National Development Plan (PADN) 2021.

The report presents the level of execution of 342 indicators and targets that aim to achieve 165 objectives of the 70 Action Programmes contained in the PDN 2018-2022.

The balance sheet shows that the plan's goals for the year 2021 were implemented by 57.69%.

According to the balance report of the execution of the 2018-2022 National Development Plan, referring to the first half of 2021, the increase owed to the oil and non-oil revenue which stood at 39.7% and 60.9%, respectively.

There was an accumulated execution in the total expenses of Kz 3.7 million in the first half of the year, representing an increase of 3.3%, compared to 2020.

Expenses current stood at 2.2%, influenced by the increase in expenditure on goods and services of around 56%.

As for the level of net financing contracted by the Government, the report says that it registered a decrease of 128% between the 1st half of 2020 and the 1st half of 2021, from Kz 415 billion to Kz (-694) billion, due to the decrease in domestic financing, which in this period went from a positive balance of Kz 625 billion to a negative balance of Kz (-1.072) billion.

However, the document added, net external financing increased, from a negative balance of Kz (-237) billion, in the 1st half of 2020, to a positive balance of Kz 377 billion, in the 1st half of 2020, due to the increase in disbursements of around 95% in this period.

Thus, in the 1st Semester of 2021, the fiscal accounts registered an overall budget surplus of 2% of GDP, compared to the deficit balance registered in the same period of the year 2020 (-0.8%).

According to the document, government debt had a moderate growth of 1.5% between the end of 2020 and the 1st half of 2021, increasing from Kz 41.3 billion to Kz 41.9 billion.

In the same period, the internal debt grew by 4.6%, standing at Kz 11.6 billion, and the external debt grew by 0.3%, standing at Kz 29.7 billion.

The report says that the average export price of crude oil stood at around 68%, above the 2021 OGE reference price (USD 39/barrel), that is, an average USD 65.5/barrel, configuring, from the outset, a scenario of less pressure on public finances, despite the high level of indebtedness.

The National Development Plan for the 2018-2022 period (PDN 2018-2022), prepared based on the National Long-Term Development Strategy “Angola 2025”, contains a set of fundamental, transversal and sector Programmes, which are implemented through Public Investment Projects and Development Support Activities to implement national policies and achieve the medium-term objectives established by the Government.

The PDN 2018-2022 is structured in 6 axes, subdivided into 23 Strategic Policies, detailed in 70 Action Programmes, implemented by projects and activities foreseen in the Annual National Development Plan (PADN) 2021.

The report presents the level of execution of 342 indicators and targets that aim to achieve 165 objectives of the 70 Action Programmes contained in the PDN 2018-2022.

The balance sheet shows that the plan's goals for the year 2021 were implemented by 57.69%.