Angolan economy forecasts 3% growth this year.

After slow economic growth of 0.9% in 2023, a small increase in crude oil production is expected, so that budget expenditures can be supported by higher oil revenues.

Angola's economy is expected to grow by up to 2.9% this year, supported by a slight increase in production and investment in oil production and more tax revenue, according to the African department of the consultancy Oxford Economics.

The reason for this change is due to the increase in oil production to 1.17 million barrels per day.

The influence on economic growth was due to the recovery in oil production this year, which is expected to rise from 2.5% to 2.9%.

Oil production in 2023 was set at 1.13 million barrels per day, with the expectation that it could reach around 1.17 million barrels per day this year, and that this number will remain stable until 2025.

The consultancy firm's outlook is better than the figures presented by the National Institute of Statistics of Angola, which point to growth in 2024 of less than 1%.

The continued rise in inflation this year will negatively impact consumer and business spending, and is one of the main risks to economic growth.