Page last updated on February 14, 2013
Economy - overview:
Algeria's economy remains dominated by the state, a legacy of the country's socialist post-independence 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.
GDP (purchasing power parity):
$274.5 billion (2012 est.)
country comparison to the world: 48
$267.6 billion (2011 est.)
$261.5 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$206.5 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
2.6% (2012 est.)
country comparison to the world: 123
2.4% (2011 est.)
3.3% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$7,500 (2012 est.)
country comparison to the world: 134
$7,400 (2011 est.)
$7,400 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 8.9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
60.9%
services:
30.2% (2012 est.)
Labor force:
11.26 million (2012 est.)
country comparison to the world: 49
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 14%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
13.4%
construction and public works:
10%
trade:
14.6%
government:
32%
other:
16% (2003 est.)
Unemployment rate:
10.2% (2012 est.)
country comparison to the world: 110
10% (2011 est.)
[see also:
Unemployment rate country ranks ]
Population below poverty line:
23% (2006 est.)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 2.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
26.8% (1995)
Distribution of family income - Gini index:
35.3 (1995)
country comparison to the world: 85
[see also: Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
32.3% of GDP (2012 est.)
country comparison to the world: 15
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $79.32 billion
[see also: Budget revenues country ranks ]
expenditures:
$84.29 billion (2012 est.)
Taxes and other revenues:
38.4% of GDP (2012 est.)
country comparison to the world: 56
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-2.4% of GDP (2012 est.)
country comparison to the world: 84
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
8.8% of GDP (2012 est.)
country comparison to the world: 142
8.4% of GDP (2011 est.)
note:
data cover central government debt; the data include debt issued by subnational entities, as well as intra-governmental debt
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
8.5% (2012 est.)
country comparison to the world: 187
4.5% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
4% (31 December 2010 est.)
country comparison to the world: 93
4% (31 December 2009 est.)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
8% (31 December 2012 est.)
country comparison to the world: 117
8% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$110.1 billion (31 December 2012 est.)
country comparison to the world: 34
$93.9 billion (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$150 billion (31 December 2012 est.)
country comparison to the world: 49
$130.6 billion (31 December 2011 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$8.69 billion (31 December 2012 est.)
country comparison to the world: 106
$11.02 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]
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:
-3.1% (2011 est.)
country comparison to the world: 158
[see also: Industrial production growth rate country ranks ]
Current account balance:
$19.95 billion (2012 est.)
country comparison to the world: 20
