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Algeria: Economy#

Algeria's economy remains dominated by the state, a legacy of the country's socialist postindependence development model. In recent years the Algerian Government has halted the privatization of state-owned industries and imposed restrictions on imports and foreign involvement in its economy.

Hydrocarbons have long been the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. Algeria has the 10th-largest reserves of natural gas in the world and is the sixth-largest gas exporter. It ranks 16th in oil reserves. Hydrocarbon exports have enabled Algeria to maintain macroeconomic stability and amass large foreign currency reserves and a large budget stabilization fund available for tapping. In addition, Algeria's external debt is extremely low at about 2% of GDP. However, Algeria has struggled to develop non-hydrocarbon industries because of heavy regulation and an emphasis on state-driven growth.

The government's efforts have done little to reduce high youth unemployment rates or to address housing shortages. A wave of economic protests in February and March 2011 prompted the Algerian Government to offer more than $23 billion in public grants and retroactive salary and benefit increases, moves which continue to weigh on public finances. Since late 2014, declining oil prices forced the government to spend down its reserves at a high rate in order to sustain social spending on salaries and subsidies, particularly since the government has been unable to boost exports of hydrocarbons or significantly grow its nonoil sector. In 2015, the Algerian Government imposed further restrictions on imports in an effort to reduce withdrawals from its foreign exchange reserves. The Government also increased the value-added tax on electricity and fuel, but said it would address subsidies at a later date.

Long-term economic challenges include diversifying the economy away from its reliance on hydrocarbon exports, bolstering the private sector, attracting foreign investment, and providing adequate jobs for younger Algerians.

Economic Facts#

GDP (purchasing power parity)$609.4 billion (2016 est.)
$588.4 billion (2015 est.)
$566.3 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$168.3 billion (2015 est.)
GDP - real growth rate3.6% (2016 est.)
3.9% (2015 est.)
3.8% (2014 est.)
GDP - per capita (PPP)$15,000 (2016 est.)
$14,700 (2015 est.)
$14,500 (2014 est.)
note: data are in 2016 dollars
Gross national saving32.8% of GDP (2016 est.)
34.9% of GDP (2015 est.)
43.4% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 41.5%
government consumption: 22.1%
investment in fixed capital: 42.1%
investment in inventories: 6.6%
exports of goods and services: 25.1%
imports of goods and services: -37.4% (2016 est.)
GDP - composition, by sector of originagriculture: 13.1%
industry: 38.7%
services: 48.2% (2016 est.)
Agriculture - productswheat, barley, oats, grapes, olives, citrus, fruits; sheep, cattle
Industriespetroleum, natural gas, light industries, mining, electrical, petrochemical, food processing
Industrial production growth rate0.5% (2016 est.)
Labor force11.78 million (2016 est.)
Labor force - by occupationagriculture: 30.9%
industry: 30.9%
services: 58.4% (2011 est.)
Unemployment rate12.4% (2016 est.)
11.2% (2015 est.)
Population below poverty line23% (2006 est.)
Household income or consumption by percentage sharelowest 10%: 2.8%
highest 10%: 26.8% (1995)
Distribution of family income - Gini index35.3 (1995)
Budgetrevenues: $42.69 billion
expenditures: $66.45 billion (2016 est.)
Taxes and other revenues25.4% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-14.1% of GDP (2016 est.)
Public debt16.8% of GDP (2016 est.)
9.9% of GDP (2015 est.)
note: data cover central government debt, as well as debt issued by subnational entities and intra-governmental debt
Fiscal yearcalendar year
Inflation rate (consumer prices)6.7% (2016 est.)
4.8% (2015 est.)
Central bank discount rate4% (31 December 2010)
4% (31 December 2009)
Commercial bank prime lending rate8% (31 December 2016 est.)
8% (31 December 2015 est.)
Stock of narrow money$91.41 billion (31 December 2016 est.)
$86.43 billion (31 December 2015 est.)
Stock of broad money$133.6 billion (31 December 2016 est.)
$127.9 billion (31 December 2015 est.)
Stock of domestic credit$100.1 billion (31 December 2016 est.)
$61.78 billion (31 December 2015 est.)
Market value of publicly traded shares$NA
Current account balance-$25.34 billion (2016 est.)
-$27.45 billion (2015 est.)
Exports$26.91 billion (2016 est.)
$36 billion (2015 est.)
Exports - commoditiespetroleum, natural gas, and petroleum products 97% (2009 est.)
Exports - partnersSpain 18.8%, France 11.2%, US 8.8%, Italy 8.7%, UK 7.1%, Brazil 5.2%, Tunisia 4.9%, Germany 4.5% (2015)
Imports$44.6 billion (2016 est.)
$50.7 billion (2015 est.)
Imports - commoditiescapital goods, foodstuffs, consumer goods
Imports - partnersChina 15.6%, France 14.4%, Italy 9.4%, Spain 7.4%, Germany 5.6%, Russia 4.1% (2015)
Reserves of foreign exchange and gold$115 billion (31 December 2016 est.)
$144.9 billion (31 December 2015 est.)
Debt - external$5.934 billion (31 December 2016 est.)
$5.143 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$25.54 billion (31 December 2016 est.)
$25.89 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$2.025 billion (31 December 2016 est.)
$1.95 billion (31 December 2015 est.)
Exchange ratesAlgerian dinars (DZD) per US dollar -
110.1 (2016 est.)
100.691 (2015 est.)
100.691 (2014 est.)
80.579 (2013 est.)
77.54 (2012 est.)