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Economy of Algeria

 

Algeria's economy remains dominated by the state, a legacy of the country's socialist post-independence 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. Strong revenues from hydrocarbon exports have brought Algeria relative macroeconomic stability, with foreign currency reserves approaching $200 billion 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. 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.
GDP (purchasing power parity):  GDP (purchasing power parity):  $274.5 billion (2012 est.)  $267.6 billion (2011 est.) $261.5 billion (2010 est.) note:  data are in 2012 US dollars
GDP (official exchange rate):  GDP (official exchange rate):  $206.5 billion (2012 est.)
GDP - real growth rate:  2.6% (2012 est.)  2.4% (2011 est.) 3.3% (2010 est.)
GDP - per capita (PPP):  GDP - per capita (PPP):  $7,500 (2012 est.)  $7,400 (2011 est.) $7,400 (2010 est.) note:  data are in 2012 US dollars
GDP - composition by sector:  agriculture: 8.9%  industry:  60.9% services:  30.2% (2012 est.)
Labor force:  11.26 million (2012 est.)
Labor force - by occupation:  agriculture: 14%  industry:  13.4% construction and public works:  10% trade:  14.6% government:  32% other:  16% (2003 est.)
Unemployment rate:  10.2% (2012 est.)  10% (2011 est.)
Population below poverty line:  23% (2006 est.)
Household income or consumption by percentage share:  lowest 10%: 2.8%  highest 10%:  26.8% (1995)
Distribution of family income - Gini index:  35.3 (1995)
Inflation rate (consumer prices):  Inflation rate (consumer prices):  8.5% (2012 est.)  4.5% (2011 est.)
Investment (gross fixed):  Investment (gross fixed):  32.3% of GDP (2012 est.)
Budget:  revenues: $79.32 billion  expenditures:  $84.29 billion (2012 est.)
Public debt:  8.8% of GDP (2012 est.)  8.4% of GDP (2011 est.) note:  data cover central government debt; the data include debt issued by subnational entities, as well as intra-governmental debt
Agriculture - products:  wheat, barley, oats, grapes, olives, citrus, fruits; sheep, cattle
Industries:  petroleum, natural gas, light industries, mining, electrical, petrochemical, food processing
Industrial production growth rate:  -3.1% (2011 est.)
Electricity - production:  40.22 billion kWh (2009 est.)  country comparison to the world: 59
Electricity - consumption:  31.39 billion kWh (2009 est.)
Electricity - exports:  405 million kWh (2009 est.)
Electricity - imports:  369 million kWh (2009 est.)
Natural gas - production:  84.61 billion cu m (2010 est.)
Natural gas - consumption:  28.82 billion cu m (2010 est.)
Natural gas - exports:  55.79 billion cu m (2010 est.)
Natural gas - imports:  0 cu m (2010 est.)
Natural gas - proved reserves:  4.502 trillion cu m (1 January 2012 est.)
Current account balance:  $19.95 billion (2012 est.)  $19.7 billion (2011 est.)
Exports:  $76.84 billion (2012 est.)  $72.88 billion (2011 est.)
Exports - commodities:  petroleum, natural gas, and petroleum products 97%
Exports - partners:  US 20.6%, Italy 14.2%, Spain 9.8%, France 8.9%, Netherlands 6.7%, Canada 6.1%, Brazil 4.4% (2011)
Imports:  $47.53 billion (2012 est.)  $44.94 billion (2011 est.)
Imports - commodities:  capital goods, foodstuffs, consumer goods
Imports - partners:  France 15.1%, China 10%, Italy 9.9%, Spain 7.3%, Germany 5.4%, US 4.6% (2011)
Reserves of foreign exchange and gold:  $190.5 billion (31 December 2012 est.)  $183.1 billion (31 December 2011 est.)
Debt - external:  $4.344 billion (31 December 2012 est.)  $4.661 billion (31 December 2011 est.)
Stock of direct foreign investment - at home:  $24.68 billion (31 December 2012 est.)  $21.78 billion (31 December 2011 est.)
Stock of direct foreign investment - abroad:  $2.424 billion (31 December 2012 est.)  $2.174 billion (31 December 2011 est.)
Market value of publicly traded shares:  $NA
Exchange rates:  Algerian dinars (DZD) per US dollar -  77.84 (2012 est.) 72.938 (2011 est.) 74.386 (2010 est.) 72.65 (2009) 63.25 (2008)
Fiscal year:  calendar year

[Source : CIA world Fact book]

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