Angola’s Mid-Year Financial Report Reveals Surplus Amid Inflation Surge and Declining Oil Production

• Oil prices exceeded projections, bringing a financial surplus but highlighting dependency challenges
• Economists urge diversification from oil, proposing fiscal and monetary reforms to curb inflation

Luanda, Angola – Angola’s National Assembly approved the country’s budget execution reports for the first two quarters of 2024 on Friday, revealing critical data on oil production, inflation, and economic performance. Despite oil production declines, higher-than-expected prices have helped the country achieve a surplus, though inflationary pressures continue to mount.