Economy Overview
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 eighth-largest reserves of natural gas in the world and is the fourth-largest gas exporter; it ranks 15th in oil reserves. Sustained high oil prices in recent years have helped improve Algeria's financial and macroeconomic indicators. Algeria is running substantial trade surpluses and building up record foreign exchange reserves. Algeria has decreased its external debt to less than 5% of GDP after repaying its Paris Club and London Club debt in 2006. 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, such as development of the banking sector and the construction of infrastructure, moves ahead slowly hampered by corruption and bureaucratic resistance.
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
3.2% (2008 est.)country comparison to the world: 76
Labor Force
9.464 million (2008 est.)country comparison to the world: 52
Electricity production
34.98 billion kWh (2007 est.)country comparison to the world: 60
Electricity Consumption
28.34 billion kWh (2007 est.)country comparison to the world: 60
Electricity Exports
273 million kWh (2007 est.)
Electricity Imports
279 million kWh (2007 est.)
Unemployment Rate
12.8% (2008 est.)country comparison to the world: 142 11.8% (2007 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)country comparison to the world: 86
Budget
Revenues: $70.06 billion
Expenditures: $56.04 billion (2008 est.)
Public Debt
8.4% of GDP (2008 est.)country comparison to the world: 115 37.4% of GDP (2004 est.)
Central Bank Discount Rate
4% (31 December 2008)country comparison to the world: 123 4% (31 December 2007)
Commercial Bank Prime Lending Rate
Stock of Domestic Credit
$NA (31 December 2008)$NA (31 December 2007)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$143.5 billion (31 December 2008 est.)country comparison to the world: 10 $110.6 billion (31 December 2007 est.)
Debt External
$3.753 billion (31 December 2008 est.)country comparison to the world: 113 $3.957 billion (31 December 2007 est.)
Stock of Direct Foreign Investment at Home
$13.76 billion (31 December 2008 est.)country comparison to the world: 73 $11.91 billion (31 December 2007 est.)
Stock of Direct Foreign Investment Abroad
$1.162 billion (31 December 2008 est.)country comparison to the world: 69 $962 million (31 December 2007 est.)
Exchange Rates
Algerian dinars (DZD) per US dollar - 63.25 (2008 est.), 69.9 (2007), 72.647 (2006), 73.276 (2005), 72.061 (2004)
