Economy Overview
The hydrocarbons sector is the backbone of the economy, accounting for roughly 52% of budget revenues, 25% of GDP, and over 95% of export earnings. Algeria has the fifth-largest reserves of natural gas in the world and is the second largest gas exporter; it ranks fourteenth for oil reserves. Algiers' efforts to reform one of the most centrally planned economies in the Arab world stalled in 1992 as the country became embroiled in political turmoil. Burdened with a heavy foreign debt, Algiers concluded a one-year standby arrangement with the IMF in April 1994 and the following year signed onto a three-year extended fund facility which ended 30 April 1998. Some progress on economic reform, Paris Club debt reschedulings in 1995 and 1996, and oil and gas sector expansion contributed to a recovery in growth since 1995. Still, the economy remains heavily dependent on volatile oil and gas revenues. The government has continued efforts to diversify the economy by attracting foreign and domestic investment outside the energy sector, but has had little success in reducing high unemployment and improving living standards.
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
7% (1999 est.)
Labor Force
9.1 million (2000 est.)
Electricity production
21.38 billion kWh (1998)
Electricity production by source
Fossil fuel: 99.77%
Hydro: 0.23%
Nuclear: 0%
Other: 0% (1998)
Electricity Consumption
19.882 billion kWh (1998)
Electricity Exports
313 million kWh (1998)
Electricity Imports
312 million kWh (1998)
Currency
1 Algerian dinar (DA) = 100 centimes
Unemployment Rate
30% (1999 est.)
Population Below Poverty Line
23% (1999 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 2.8%
Highest 10%: 26.8% (1995)
Budget
Revenues: $15.5 billion
Expenditures: $15.1 billion, including capital expenditures of $NA (1999 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$30 billion (1999 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Algerian dinars (DA) per US$1 - 69.046 (January 2000), 66.574 (1999), 58.739 (1998), 57.707 (1997), 54.749 (1996), 47.663 (1995)
