Economy
Economic overview:
The hydrocarbons sector is the backbone of the economy, accounting for roughly 57% of government revenues, 25% of GDP, and almost all export earnings; Algeria has the fifth-largest reserves of natural gas in the world and ranks fourteenth for oil. Algiers' efforts to reform one of the most centrally planned economies in the Arab world began after the 1986 collapse of world oil prices plunged the country into a severe recession. In 1989, the government launched a comprehensive, IMF-supported program to achieve economic stabilization and to introduce market mechanisms into the economy. Despite substantial progress toward economic adjustment, in 1992 the reform drive stalled as Algiers became embroiled in political turmoil. In September 1993, a new government was formed, and one priority was the resumption and acceleration of the structural adjustment process. Buffeted by the slump in world oil prices and burdened with a heavy foreign debt, Algiers concluded a one-year standby arrangement with the IMF in April 1994. Following a Paris Club debt rescheduling in 1995 and a robust harvest, the economy experienced a strong recovery and key economic improvements.
GDP:
purchasing power parity - $108.7 billion (1995 est.)
GDP real growth rate:
3.5% (1995 est.)
GDP per capita:
$3,800 (1995 est.)
GDP composition by sector:
agriculture:
12%
industry:
50%
services:
38%
Inflation rate (consumer prices):
28% (1995 est.)
Labor force:
6.2 million (1992 est.)
by occupation:
government 29.5%, agriculture 22%, construction and public works 16.2%, industry 13.6%, commerce and services 13.5%, transportation and communication 5.2% (1989)
Unemployment rate:
25% (1995 est.)
Budget:
revenues:
$14.3 billion
expenditures:
$17.9 billion, including capital expenditures of $NA (1995 est.)
Industries:
petroleum, light industries, natural gas, mining, electrical, petrochemical, food processing
Industrial production growth rate:
NA%
Electricity:
capacity:
5,370,000 kW
production:
18.3 billion kWh
consumption per capita:
587 kWh (1993)
Agriculture:
wheat, barley, oats, grapes, olives, citrus, fruits; sheep, cattle
Exports:
$9.5 billion (f.o.b., 1995 est.)
commodities:
petroleum and natural gas 97%
partners:
Italy 21%, France 16%, US 14%, Germany 13%, Spain 9%
Imports:
$10.6 billion (f.o.b., 1995 est.)
commodities:
capital goods 39.7%, food and beverages 21.7%, consumer goods 11.8% (1990)
partners:
France 29%, Italy 14%, Spain 9%, US 9%, Germany 7%
External debt:
$26 billion (1994)
Economic aid:
recipient:
ODA, $316 million (1993)
Currency:
1 Algerian dinar (DA) = 100 centimes
Exchange rates:
Algerian dinars (DA) per US$1 - 53.003 (January 1996), 47.663 (1995), 35.059 (1994), 23.345 (1993), 21.836 (1992), 18.473 (1991)
Fiscal year:
calendar year
