Economy

Exports of goods and services should show a consolidated growth rate of 7.6% in 2024, forecasts the High Commission for Planning (HCP).

This improvement would be attributable to the continued performance of exports of global trades, textiles and phosphate and its derived products, following in particular the reduction in import duties applied on chemical fertilizers by the United States, explains the HCP in its 2024 forecast economic budget.

According to the same source, the improvement in economic prospects among the main trading partners should stimulate external demand following its sharp slowdown in 2023, thus promoting the strengthening of the exportable supply of the national economy. At the same time, the HCP indicates that the improvement in national growth should contribute to an increase in imports, particularly those of intermediate and capital goods.

In addition, the unfavorable situation of agricultural production should favor the use of imports to meet the need for food products and live animals.

On the other hand, the expected resumption of exports of phosphate products should fuel imports of intermediate products. Thus the volume of imports of goods and services should increase by 7.8% instead of 6.5% estimated for 2023.

The HCP also indicates that the downward trend in the prices of raw materials, particularly energy and food, as well as the improvement in supply conditions on a global scale, should contribute to the attenuation of inflationary pressures in 2024.

Under these conditions, the value of national exports of goods and services should record an increase of 7.6%, while that of imports should show an increase of 7.3% bringing the resource deficit to 10.6% of GDP in 2024.

Taking into account the evolution of transfers from Moroccans living abroad (MRE), the current account should show a deficit of around 0.4% of GDP (gross domestic product) instead of a surplus of almost 0. 1% of GDP estimated in 2023.

This financing need reflects the gap between investment which should represent 28.2% of GDP and national savings (projected at 27.8% of GDP in 2024) and this, taking into account external income which should be around 7 .2% of GDP.

For its part, domestic savings should reach 20.6% of GDP instead of 19.7% of GDP in 2023, following nominal GDP growth of 6% combined with an increase in national consumption of 4.9 %.

The province of Benguela will gain the first caustic soda and calcium hypochlorite factory with financing valued at Euro 24,831,412.76 (Twenty-Four Million, Eight Hundred and Thirty-One Thousand, Four Hundred and Twelve Euros and Seventy-Six Cents)

It is also the first factory of this type of product in Angolan territory, included in the Salinas and Alexandre’s House project, whose contract signing, within the scope of the Deustche Bank credit line, takes place today, in Luanda, at the Development Bank facilities of Angola (BDA). These projects in the province of Benguela represent a significant milestone in strengthening the industry and advancing the fishing sector in Angola.

The Salinas Calombolo projects “constitute industrial advances and a tangible commitment to sustainable economic growth and the generation of significant jobs for the Angolan population”, say their promoters. This first factory will also, among its objectives, contribute to the improvement of public health, health and industry, especially in water treatment and surface disinfection.

As salinas

Calombolo occupies approximately 5,000 m2 and has a high quality chemical production capacity, contributing significantly to regional development and reducing the trade balance deficit.

Jobs

The project will generate 32 direct and permanent jobs, in addition to having a positive impact on specialized training and the creation of opportunities in the national job market. Also in the province of Benguela, the Alexandre’s House Project has funding of Euros 47,075,072.90 (Forty-Seven Million, Seventy-Five Thousand, Seventy-Two Euros and Ninety Cents), and is focused on the supply and assembly of a warehouse for receiving, freezing and processing fish in the municipality of Baia Farta.

The project uses modern vessels for capture, and an advanced industrial unit for processing and freezing fish. It has considerable processing and storage capacity, ensuring continuous production throughout the year. It will create 203 direct and permanent jobs, boosting not only the fishing sector, but also the regional economy.

With the transfer of the Salinas Calombolo and Alexandre’s House projects, within the scope of the Deustche Bank credit line, the BDA marks another important step in boosting strategic sectors in Angola, especially fishing, in which the country has great experience and high potential at regional level.