Flash Note

Dear subscriber [name],

We are sending our most recent Flash Note.


  • ¬†The State Budget (OGE) for 2023, which was approved in the Angolan parliament last Monday, February 13th, foresees budget revenues of AOA 13.5 trillion and budgeted expenditures of AOA 12.9Tn;

  • With regard to revenues, a slight increase of 0.7% is expected compared to the expected execution for 2022 (AOA +0.91Tn). As a percentage of GDP, revenues are expected to decline, from 23.2% to 22.1%;

  • On the expenditure side, an increase of 8.4% is expected, which represents AOA 0.99Tn compared to the execution forecast for 2022;

  • In general, the 2023 OGE forecasts a positive budget balance in the order of AOA 0.59Tn, which for us is slightly conservative.

Best regards,

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