Luanda: The National Assembly sanctioned the General State Account for the 2024 fiscal year with a decisive vote tally of 111 in favor, 68 against, and five abstentions. This decision was reached during the 4th Extraordinary Plenary Meeting of the 4th Legislative Session of the 5th Legislature, where the discussion was notably centered around public debt, budget allocation, and the ramifications of public policies.
According to Angola Press News Agency, the approved document outlines the performance of key macroeconomic indicators that influenced the execution of the 2024 State General Budget. The revenue collected for the year amounted to 25.31 trillion kwanzas, surpassing the projected revenue by 2.39 percent. Current revenue, making up 70.39 percent of total revenue, reached 17.81 trillion kwanzas, which is 121.28 percent of the annual estimate. This represents a 35.98 percent increase from the previous year, propelled by significant gains in oil revenue, social and economic contributions, and tax revenue, with execution rates of 128.89 percent, 145.47 percent, and 108.01 percent, respectively.
The explanatory report highlights that the country's revenue grew by an approximate 24.47 percent compared to the previous year. However, the inflation rate was reported at 27.5 percent, exceeding the projected 15.3 percent outlined in the 2024 budget. In the oil sector, average production reached 1.120 million barrels per day, surpassing the budgetary target of 1.06 million barrels per day, with a cumulative annual production of 411.56 million barrels, exceeding the set target of 388 million barrels.
The Brent crude price, serving as a benchmark for Angolan crude grades, averaged 79.71 US dollars per barrel, which is 14.71 dollars, or approximately 22.63 percent, higher than the predicted 65-dollar-per-barrel rate.
