Angola Faces Budget Crunch on Falling Oil Price, Dos Santos Says
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Angola, Africa’s second-largest crude oil producer, faces a budget crunch thanks to the effect of falling oil prices on an economy that relies on crude for more than three-quarters of government revenue.
The southwest African country expects the oil contribution toward gross domestic product to fall by 3.5 percent this year because of lower oil prices and a production slowdown in the first half of the year, President Jose Eduardo dos Santos told lawmakers today in the national legislature in Luanda, the capital.