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Key economic indicators of Algeria - statistics & facts

Algeria has one of the largest economies in Africa. In 2021, it had the fourth-highest Gross Domestic Product (GDP) on the African continent after Nigeria, Egypt, and South Africa. The GDP per capita in the country increased compared to the 1990s, although it declined slightly in the last few years. In 2020, the coronavirus (COVID-19) pandemic negatively affected the GDP growth rate, which contracted by 10.4 percent in the second quarter. However, the economy is expected to recover in the coming years and the GDP to increase again.

Rising prices

The public debt in Algeria has been increasing constantly since 2015. This, along with other factors, contributed to growing prices. Although the inflation rate has been comparatively under control since the 2000s, it is expected to increase to seven percent by 2026. Signs of this were observed in the monthly consumer price index (CPI), which grew by over eight index points between January 2020 and January 2021, meaning that the purchasing power of consumers in the country was gradually shrinking.

Oil industry: opportunities and threats

As a member of the Organization of Petroleum Exporting Countries (OPEC), Algeria relies significantly on hydrocarbons. This sector largely contributes to the GDP and foreign trade, with fuels and oil being the leading products exported from the country. Because of the oil and gas resources, the industrial sector accounted for over 34 percent of the Algerian GDP in 2020.

However, the hydrocarbon industry also threatens the local economy. Fluctuating global oil prices resulted in an increasingly shrinking industrial sector and economic instability. The country’s trade balance has been negative since 2015 and the budget deficit is expected to worsen. Furthermore, relying on the capital-intensive hydrocarbon industry aggravates unemployment, with the rate being especially high among youth and women. With a large and increasingly growing population, the country needs to accelerate economic growth.

Importance of diversification

Economic diversification is a key challenge. The Algerian service sector grew in recent years and employed nearly 60 percent of the workforce in 2019. Yet it can be developed further. Moreover, agriculture also represents a potential driver of economic growth. The GDP contribution of this sector exceeded 700 billion Algerian dinars in the first quarter of 2021. By boosting agricultural production, the country would also reduce its dependence on food imports and improve self-sufficiency.

Interesting statistics

In the following 5 chapters, you will quickly find the 36 most important statistics relating to "Key economic indicators of Algeria".


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