Angola Budget 2012
With the 2012 budget the government will look to implement proper procedures for fiscal management.
It is expected that this will help the economy become a sustainable and stable one.
Angola Budget 2012 - Expenses and Allocations:
- In 2012 the social expenses of Angola will comprise the biggest part of the budget.
23.93 percent of the allotment is expected to be devoted to buying goods and services and paying the salaries of civil servants.
- 19.15% of the budget will be used for debt payments.
- 19.2% will be used for administrative purposes.
- Defense, Security and Internal Order sector will be allotted 15.4 percent of the budget.
- The economic sector will be allocated to the economic sector.
Angola Budget 2012 - Main Areas of Focus:
The 2012 Angola budget will focus on critical areas such as:
- Improving the standards of living
- Achieving sustainable economic growth
- National security and stability
- Achieving high levels of socio-economic development
Angola Budget 2012 - Estimates:
- The Angolan economy is expected to grow by 12.8 percent in the upcoming fiscal, compared to the 2011 rate that has been pegged at 3.4%. Much of this will happen due to the increased daily production of oil in the upcoming fiscal.
- The inflation has been calculated to reach the 12.5% mark in 2012.
- The revenues from the non-oil sector are also supposed to go up in 2012 fiscal – to 12.5 percent from 7.5% in 2011.
- The national administration is hopeful that it will be able to produce 6.6 billion barrels of oil in the upcoming fiscal. In 2011 Angola expects to produce 584 million barrels. The government is supposed to sell each of these barrels at 77 dollars. Overall, this sector is supposed to grow at 13.4 percent.
- On a daily basis this production is expected to be 1.84 million barrels per day – for 2011 the daily production of oil is estimated at 1.6 million barrels.
- The government expects that the Gross Domestic Product for 2012 will be 9.8 billion Angolan Kwanza.
Angola Oil Industry - 2012 Prospects:
Angola is the second biggest producer of crude oil in Africa after Nigeria but its production for the upcoming fiscal has been lesser than estimated. This has happened due to field maintenance and various technical issues. This has led the government to reduce its growth forecasts from 7.6 percent to 3.4%.
The production of oil, which accounts for almost 90% of Angola’s exports, will be better in the upcoming fiscal. It is expected that the oil fields will be in a better position in the upcoming year and new projects will start operating.
The oil production for 2012 fiscal will be the highest after 2009 when the African economy generated 1.8 million barrels per day.