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Economy of Algeria

In 2014, the Algerian economy expanded by 4%, up from 2.8% in 2013. Growth was driven mainly by the recovering oil and gas sector and further economic expansion of 3.9% is forecast in 2015 and 4.0% in 2016.

In 2012, the Algerian economy grew by 2.5%, up slightly from 2.4% in 2011. Excluding hydrocarbons, growth has been estimated at 5.8% (up from 5.7% in 2011). Inflation is increasing and is estimated at 8.9% (up from 4.49% in 2011). Despite the financial authorities' good performance, thanks to modernisation reforms, the budget deficit widened to 3.3% of GDP in 2012 (as against 1.3% in 2011) due to the continuation of the expansionary fiscal policy initiated in 2011 to meet strong social demands in terms of purchasing power, jobs and housing. The oil and gas sector is the country's main source of revenues, having generated about 70% of total budget receipts. The economy is projected to grow by 3.2% in 2013 and by 4.0% in 2014. The country's external position remained comfortable in 2012, with a trade surplus of about USD 27.18 billion. The current-account surplus is estimated at 8.2% of GDP and official foreign-exchange reserves have been estimated at USD 190.7 billion at end-December 2012, or the equivalent of more than three years of imports of non-factor goods and services. Oil and gas export earnings made up more than 97% of total exports. Algeria has enormous possibilities to boost its economic growth, including huge foreign-exchange reserves derived from oil and gas. A development strategy targeting stronger, sustained growth would create more jobs, especially for young people, and alleviate the housing shortage the country is facing. The national strategic option is therefore to revitalise the process intended to diversify the economy starting with the non-oil sector while deepening the reforms needed for the structural transformation of the economy.

Sectors

Agriculture, forestry, and fishing

Algeria's agricultural sector, which contributes about 8 percent of gross domestic product (GDP) but employs 14 percent of the workforce, is unable to meet the food needs of the country's population. The primary crops are wheat, barley, and potatoes

In 2005 roundwood removals totaled 7.8 million cubic meters, while sawnwood production amounted to only 13 million cubic meters per year. Algeria's fishing industry does not take full advantage of the Mediterranean coast, in part because fishing is generally done from small family-owned boats instead of large commercial fishing trawlers.

Fishing

Fishing is a flourishing but minor industry. Fish caught are principally sardines, bonito, mackerel smelt and sprats. Fresh fish are exported to France, dried and preserved fish to Spain and Italy.

Minerals

Algeria is rich in minerals; the country has many iron, lead, zinc, copper, calamine, antimony and mercury mines. The most productive are those of iron and zinc. Lignite is found in Algiers. Salt is collected on the margins of the chotts.

Banking and finance

Algeria's banking sector is dominated by public banks, which suffer from high levels of non-performing loans to state-owned enterprises (SOEs).

Based on 2006 and 2007 estimates, 31 percent of the total population has access to financial services, with one bank branch or post office every 7,250 inhabitants. The microfinance sector still has great potential for further development.

Official remittance inflows increased steadily from USD 1.9 to 2.9 billion between 2005 and 2007.

Tourism

Algeria's tourism industry, which contributes only about 1 percent of GDP, lags behind that of its neighbours Morocco and Tunisia. Algeria receives only about 200,000 tourists and visitors annually. However, the government has adopted a plan known as "Horizon 2025," which is designed to address the lack of infrastructure.

Other industries

Algeria has many diversified industries that contribute to meet local demands and some times to exportation, Food industry is one of the largest industrial sector in Algeria, private companies generally dominate the food sector in Algeria. Pharmaceutical industry is also present in Algeria, with the domination of state owned company Saidal, other small private companies also active in Algeria, local pharmaceutical industry cover 38% of local needs.



This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Algeria"

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