July 11, 2016 / 11:37 AM / 4 years ago

Angola halves growth forecast, cuts spending as oil price bites

LUANDA, July 11 (Reuters) - Angola has halved its 2016 economic growth forecast and slashed government spending as lower oil prices hammer state revenues in Africa’s largest crude exporter, the finance ministry said on Monday.

Sub-Saharan Africa’s third-largest economy will grow 1.3 percent this year, compared with a previous forecast of 3.3 percent, the finance ministry said in a statement.

Government spending will be cut to $24 billion from $30 billion projected in the original 2016 budget as revenues were also slashed to $18 billion from $24.4 billion, the statement said. (Writing by Joe Brock; Editing by Ed Cropley)

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