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ECONOMIC CONTEXT
about 3.4% in 2011 due to strong expansion
of the non-oil sector, while inflation was down
to 11.4% at year’s end.
Macroeconomic prospects for 2012 are
favourable, with the exploitation of new oil
fields expected to increase production to over
1,8 million barrels per day. Application of the
government’s budget plans should enable a
significant reduction of the non-oil deficit and
help lower inflation to single-digit levels.
Given the exceptional uncertainties that
continue to weigh on the global situation,
the Angolan authorities are committed to
increasing external reserves even more to
strengthen protection against the volatile
nature of oil revenues