Angola Cuts Economic Growth Forecasts For The Second Time in Two Months

Angola, Africa’s third-largest oil producer, has cut its economic growth forecast for the second time in two months as government debt arrears delay construction work, the Finance Ministry said.

The economy will expand between 5 and 6 percent this year, the ministry said in a letter addressed to the International Monetary Fund, dated Aug. 27 and published on the IMF’s website. The government on Aug. 3 reduced the forecast to 6.7 percent from 9.7 percent.

“Economic activity, particularly of the non-oil sector, is still constrained by the outstanding domestic arrears,” the ministry said. More…………

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