Global InformationEconomy of Algeria information
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 Night in Downtown Algiers | |
| Currency | Algerian dinar (DZD, دج) |
|---|---|
Trade organisations | AU, AfCFTA, OPEC, GECF, CAEU, and others |
Country group |
|
| Statistics | |
| Population |  46,278,751 (2024 est.)[3] |
| GDP |
|
| GDP rank |
|
GDP growth | 4.2% (2023) |
GDP per capita |
|
GDP per capita rank |
|
GDP by sector |
|
Inflation (CPI) | 6.8% (2024 est.)[3] |
Population below poverty line |
|
Gini coefficient | 27.6 low (2011)[7] |
Human Development Index |
high (2022)[8] (91st)
|
Labour force |
|
Labour force by occupation |
|
| Unemployment |  11.4% (2019)[3] |
Main industries | petroleum, natural gas, light industries, mining, electrical, petrochemical, food processing |
| External | |
| Exports | $67 billion (2022 est.)[12] |
Export goods | petroleum, natural gas and petroleum products 89% (2021)[13] |
Main export partners |
|
| Imports | $34.3 billion (2021 est.)[13] |
Import goods | capital goods, foodstuffs, consumer goods |
Main import partners |
|
FDI stock |
|
Current account |  $5.28 billion (2023 est.)[3] |
Gross external debt | $671 million (2022 est.)[14] |
| Public finances | |
Government debt | 55.1% of GDP (2023 est.)[3] [note 1] |
Budget balance | -3% (of GDP) (2023 est.)[15] |
| Revenues | $68 billion (2024 est.)[15] |
| Expenses | $114 billion (2024 est.)[15] |
Foreign reserves | $85 billion (September 2023)[16] |
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars. | |
The economy of Algeria deals with Algeria's current and structural economic situation. Since independence in 1962, Algeria has launched major economic projects to build up a dense industrial base. However, despite these major achievements (roads, freeways, universities, hospitals, factories, housing, metro and tramway systems, etc.), the Algerian economy has gone through various stages of turbulence.
In the 1980s, the Algerian economy experienced major difficulties. The oil counter-shock of 1986 dealt a heavy blow to a virtually rentier economy, during the period of anti-scarcity and stabilization plans. In the early 1990s, Algeria embarked on a series of structural reforms, making the transition to a market economy a reality.
In 2012, the Algerian economy remains highly dependent on hydrocarbon rents, which represent the country's main source of revenue, without having succeeded in diversifying and establishing internationally competitive industrialization.
The 2017 report on Algeria by business intelligence and consultancy firm Oxford Business Group (OGB), highlights the efforts devoted by the country to strengthening and diversifying its economy against the backdrop of falling oil prices. The report highlights the growing contribution of the private sector to GDP, in particular the role of small and medium-sized enterprises (SMEs) supported by new measures; as well as the financial services sector, which has seen positive developments such as the introduction of online payments.
Despite the efforts made, the country still faces a number of short-term problems, including the need to diversify the economy, strengthen political, economic and financial reforms, improve the business climate and reduce social inequality between regions, in order to achieve better economic growth. Algeria has the triple leverage of energy, mining and agriculture to contribute, in the long term, to containing the supply crises in energy, rare earths (minerals useful for technology) and food.
Published in 2023, the World Bank's report on the Algerian economy calls for the acceleration of institutional and micro-economic reforms, and paints a positive picture for the country's economy. The World Bank notes that the promulgation in 2022 of the new investment law and the publication of its implementing regulations, the abolition in 2020 of the 51/49 rule for non-strategic sectors, and the publication of the new hydrocarbons law in 2019 are positive steps, but must tackle the ecosystem, including paralyzing bureaucracy, with greater visibility in socio-economic policy.
Continued implementation of government structural reform programs, creating greater openness to the private sector, improving the economy’s competitiveness, and strengthening investment in human capital are all essential to the flourishing and resilience of the Algerian economy.[17]
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
- ^ a b c d e f g h i "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund. Retrieved April 16, 2024.
- ^ a b c d "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 23 April 2019.
- ^ "Poverty headcount ratio at national poverty lines (% of population) - Algeria". data.worldbank.org. World Bank. Retrieved 3 November 2019.
- ^ "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Algeria". data.worldbank.org. World Bank. Retrieved 3 November 2019.
- ^ "GINI index (World Bank estimate)". data.worldbank.org. World Bank. Retrieved 23 April 2019.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 17 November 2022.
- ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 17 November 2022.
- ^ "Labor force, total - Algeria". data.worldbank.org. World Bank. Retrieved 3 November 2019.
- ^ "Employment to population ratio, 15+, total (%) (national estimate) - Algeria". data.worldbank.org. World Bank. Retrieved 3 October 2019.
- ^ "Exports of goods and services (current US$) - Algeria". World Bank. 23 January 2022. Retrieved 2 July 2021.
- ^ a b c d "Algeria (DZA) Exports, Imports and Trade Partners". The Observatory of Economic Complexity. 2021. Retrieved July 23, 2022.
- ^ "Present value of external debt (current US$) - Algeria". World Bank. Retrieved 19 April 2024.
- ^ a b c "Le texte de loi de finances 2023 adopté par le Conseil de la Nation" [2023 Finance Bill adopted by the Council of the Nation] (in French). Algeria Press Service. 8 December 2022. Retrieved 31 May 2023.
- ^ "Algérie : les réserves de change remontent à 85 milliards $ grâce à la hausse des prix des hydrocarbures" [Algeria: foreign exchange reserves rise to $85 billion thanks to higher hydrocarbon prices]. Agence Ecofin (in French). 8 September 2023. Retrieved 13 September 2023.
- ^ "Algerian Economy: Staying the Course for Transition". World Bank. Retrieved 2023-01-12.
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