Economy Overview
Algeria's economy remains dominated by the state, a legacy of the country's socialist postindependence 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.
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
2.5% (2013 est.) country comparison to the world: 116
Labor Force
11.15 million (2013 est.) country comparison to the world: 48
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
10.3% (2013 est.) country comparison to the world: 110 10.7% (2012 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: 89
Budget
revenues: $80.55 billion
expenditures: $85.58 billion (2013 est.)
Public Debt
13.2% of GDP (2013 est.) country comparison to the world: 147 8.3% of GDP (2012 est.) note: data cover central government debt, the data include debt issued by subnational entities, as well as intra-governmental debt
Central Bank Discount Rate
4% (31 December 2010 est.) country comparison to the world: 93 4% (31 December 2009 est.)
Commercial Bank Prime Lending Rate
8% (31 December 2013 est.) country comparison to the world: 111 8% (31 December 2012 est.)
Stock of Narrow Money
$92.91 billion (31 December 2013 est.) country comparison to the world: 36 $98.36 billion (31 December 2012 est.)
Stock of Broad Money
$140.2 billion (31 December 2013 est.) country comparison to the world: 48 $141 billion (31 December 2012 est.)
Stock of Domestic Credit
$-4.337 billion (31 December 2013 est.) country comparison to the world: 186 $-4.363 billion (31 December 2012 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$192.5 billion (31 December 2013 est.) country comparison to the world: 15 $191.6 billion (31 December 2012 est.)
Debt External
$5.278 billion (31 December 2013 est.) country comparison to the world: 117 $5.639 billion (31 December 2012 est.)
Stock of Direct Foreign Investment at Home
$25.02 billion (31 December 2013 est.) country comparison to the world: 67 $23.26 billion (31 December 2012 est.)
Stock of Direct Foreign Investment Abroad
$2.433 billion (31 December 2013 est.) country comparison to the world: 69 $2.133 billion (31 December 2012 est.)
Exchange Rates
Algerian dinars (DZD) per US dollar -78.77 (2013 est.) 77.536 (2012 est.) 74.386 (2010 est.) 72.65 (2009) 63.25 (2008)
