Annual Report and Consolidated Accounts 2015
expected to accelerate to 0.7% and 1.2% in 2016 and 2017, respectively.
In 2015, the reduction in private sector (corporate and individuals)
indebtedness and the positive evolution of the goods and services
account continued.
The Spanish economy seems to be in good shape, with an expected
growth rate of around 2.5% in 2016. The main domestic risk is politi-
cal uncertainty, which may lead to the postponement of investment
decisions. On the external front, the greatest risk lies in the cool-
ing of global demand, namely due to the lower growth in emerging
economies.
Situation in Angola
IMF forecasts point towards a deceleration of the growth of the
Angolan economy in 2015 due to the effect of the drop in oil prices,
with GDP growing 3.5%. In 2016, economic growth is expected to
remain stable.
The average price of a barrel of Angolan oil is projected to stand at
USD 53 in 2015, in comparison to a little more than USD 100 in 2014,
leading to a sharp fall in tax revenues and in exports.
In light of the expected fall in tax revenues linked to the oil business,
theAngolan government responded quickly, changing the assumptions
of the initial State Budget (with the average price of a barrel of oil fall-
ing fromUSD 81 to USD 40 in the Rectified State Budget of February
2015) andmaking significant cuts in budgeted investment expenditure.
Throughout the year, oil production recovered following the conclu-
sion of the maintenance works, which permitted a slight increase in
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