Algeria Economy
Economy - overviewThe 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 seventh-largest reserves of natural gas in the world and is the second-largest gas exporter; it ranks 14th in oil reserves. Economic policy reforms supported by the IMF and debt rescheduling from the Paris Club in the past decade have helped improve Algeria's financial and macroeconomic indicators. Because of sustained high oil prices in the past three years, Algeria's finances have further benefited from substantial trade surpluses and record foreign exchange reserves. 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 moves ahead slowly.
GDP
purchasing power parity - $196 billion (2003 est.)
GDP - real growth rate
7.4% (2003 est.)
GDP - per capita
purchasing power parity - $6,000 (2003 est.)
GDP - composition by sector
agriculture: 10.2%
industry: 56.5%
services: 33.4% (2003)
Investment
24.8% of GDP (2003)
Population below poverty line
23% (1999 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)
Inflation rate
3.5% (2003 est.)
Labor force
9.6 million (2003)
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
26.2% (2003 est.)
Budget
revenues: $25.49 billion
expenditures: $22.87 billion, including capital expenditures of $5.8 billion (2003 est.)
Public debt
41.5% of GDP (2003 est.)
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
6% (2003 est.)
Electricity - production
24.69 billion kWh (2001)
Electricity - consumption
22.9 billion kWh (2001)
Electricity - exports
340 million kWh (2001)
Electricity - imports
275 million kWh (2001)
Oil - production
1.52 million bbl/day (2001 est.)
Oil - consumption
209,000 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Oil - proved reserves
13.1 billion bbl (1 January 2002)
Natural gas - production
80.3 billion cu m (2001 est.)
Natural gas - consumption
22.32 billion cu m (2001 est.)
Natural gas - exports
57.98 billion cu m (2001 est.)
Natural gas - imports
0 cu m (2001 est.)
Natural gas - proved reserves
4.739 trillion cu m (1 January 2002)
Current account balance
$7.836 billion (2003)
Exports
$24.96 billion f.o.b. (2003 est.)
Exports - commodities
petroleum, natural gas, and petroleum products 97%
Exports - partners
Italy 19.5%, US 18.5%, France 13.6%, Spain 11.2%, Canada 6.2%, Belgium 5.1%, Brazil 4.9% (2003)
Imports
$12.42 billion f.o.b. (2003 est.)
Imports - commodities
capital goods, foodstuffs, consumer goods
Imports - partners
France 30.9%, Italy 9.6%, Spain 6.1%, Germany 5.5%, China 4.6%, Turkey 4.1% (2003)
Reserves of foreign exchange & gold
$33.42 billion (2003)
Debt - external
$22.71 billion (2003 est.)
Currency
Algerian dinar (DZD)
Currency code
DZD
Exchange rates
Algerian dinars per US dollar - 77.395 (2003), 79.6819 (2002), 77.215 (2001), 75.2598 (2000), 66.5739 (1999)
