Algeria GDP climbed 2.3% in 2018

The country’s economy picked up by a higher rate than it had in 2017, although it fell short of what had been provided for in the Budget Bill.

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Algiers – Algeria’s economy posted real growth of 2.3% in 2018, up from 1.4% in 2017, as per preliminary Finance Ministry numbers made public by local news outlet APS. However, last year’s Budget Bill provided for 4% growth.

Algeria’s Gross Domestic Product (GDP) was DZD 20.51 trillion in 2018, up from DZD 18.59 trillion in 2017. In US dollars, last year saw USD 178.3 billion in GDP, up from USD 167.6 billion the year before, as per the Ministry’s own currency conversion.

Non-oil economy grew 4% in 2018, up from 2.2% in 2017. The oil and gas industry (pictured), however, is by far Algeria’s main economic activity. Oil exports from the country averaged USD 72.43 per barrel last year, up from USD 52.71 in 2017, according to the Ministry.

The Algerian dinar slid relative to the dollar – from DZD 110.96 in 2017 to DZD 116.62 in 2018 – and the euro – from DZD 125.32 to 137.69.

Inflation was 4.27% last year, down from 5.59% in 2017. The Budget Bill forecast was 5.5%.

Translated by Gabriel Pomerancblum

Billal Bensalem/NurPhoto/AFP

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