Economy Of Algeria
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Economy overview
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The hydrocarbons sector is the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. Algeria has the seventh-largest reserves of natural gas in the world and is the second-largest gas exporter; it ranks 14th in oil reserves. Economic policy reforms supported by the IMF and debt rescheduling from the Paris Club in the past decade have helped improve Algeria's financial and macroeconomic indicators. Because of sustained high oil prices in the past three years, Algeria's finances have further benefited from substantial trade surpluses and record foreign exchange reserves. Real GDP has risen due to higher oil output and increased government spending. The government's continued efforts to diversify the economy by attracting foreign and domestic investment outside the energy sector, however, has had little success in reducing high unemployment and improving living standards. Structural reform within the economy moves ahead slowly.
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GDP
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purchasing power parity - $196 billion (2004 est.)
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GDP - real growth rate
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7.4% (2004 est.)
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GDP - per capita
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purchasing power parity - $6,000 (2004 est.)
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GDP - composition by sector
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agriculture: 10.2%
industry: 56.5%
services: 33.4% (2004 est.)
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Investment gross fixed
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24.8% of GDP (2004 est.)
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Population below poverty line
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23% (1999 est.)
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Household income or consumption by percentage share
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lowest 10%: 2.8%
highest 10%: 26.8% (1995)
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Distribution of family income - Gini index
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35.3 (1995)
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Inflation rate consumer prices
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3.5% (2004 est.)
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Labor force
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9.6 million (2004 est.)
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Labor force by occupation
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agriculture 14%, industry 13.4%, construction and public works 10%, trade 14.6%, government 32%, other 16% (2003 est.)
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Unemployment rate
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26.2% (2004 est.)
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Budget
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revenues: $25.49 billion
expenditures: $22.87 billion, including capital expenditures of $5.8 billion (2004 est.)
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Public debt
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41.5% of GDP (2004 est.)
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Agriculture products
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wheat, barley, oats, grapes, olives, citrus, fruits; sheep, cattle
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Industries
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petroleum, natural gas, light industries, mining, electrical, petrochemical, food processing
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Industrial production growth rate
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6% (2004 est.)
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Electricity production
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24.69 billion kWh (2001)
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Electricity production by source
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fossil fuel: 99.7%
hydro: 0.3%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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22.9 billion kWh (2001)
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Electricity exports
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340 million kWh (2001)
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Electricity imports
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275 million kWh (2001)
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Oil production
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1.52 million bbl/day (2004 est.)
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Oil consumption
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209,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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13.1 billion bbl (2004)
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Natural gas production
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80.3 billion cu m (2001 est.)
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Natural gas consumption
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22.32 billion cu m (2001 est.)
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Natural gas exports
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57.98 billion cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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4.739 trillion cu m (2004)
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Current account balance
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$7.836 billion (2004 est.)
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Exports
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$24.96 billion f.o.b. (2004 est.)
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Exports commodities
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petroleum, natural gas, and petroleum products 97%
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Exports partners
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Italy 19.5%, US 18.5%, France 13.6%, Spain 11.2%, Canada 6.2%, Belgium 5.1%, Brazil 4.9% (2003)
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Imports
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$12.42 billion f.o.b. (2003 est.)
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Imports commodities
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capital goods, foodstuffs, consumer goods
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Imports partners
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France 30.9%, Italy 9.6%, Spain 6.1%, Germany 5.5%, China 4.6%, Turkey 4.1% (2003)
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Reserves of foreign exchange gold
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$33.42 billion (2004 est.)
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Debt external
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$22.71 billion (2004 est.)
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Economic aid recipient
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$182 million (2001 est.)
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Currency
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Algerian dinar (DZD)
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Currency code
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DZD
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Exchange rates
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Algerian dinars per US dollar - 77.395 (2003), 79.6819 (2002), 77.215 (2001), 75.2598 (2000), 66.5739 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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