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Algeria|Economy

                                          Economy


Economy - overview: The hydrocarbons sector is the backbone of the economy, accounting for roughly 52% of budget revenues,
25% of GDP, and over 95% of export earnings. Algeria has the fifth-largest reserves of natural gas in the world and is the second
largest gas exporter; it ranks fourteenth for oil reserves. Algiers' efforts to reform one of the most centrally planned economies in the
Arab world stalled in 1992 as the country became embroiled in political turmoil. Burdened with a heavy foreign debt, Algiers
concluded a one-year standby arrangement with the IMF in April 1994 and the following year signed onto a three-year extended
fund facility which ended 30 April 1998. Some progress on economic reform, Paris Club debt reschedulings in 1995 and 1996, and oil
and gas sector expansion contributed to a recovery in growth since 1995. Still, the economy remains heavily dependent on volatile oil
and gas revenues. The government has continued efforts to diversify the economy by attracting foreign and domestic investment
outside the energy sector, but has had little success in reducing high unemployment and improving living standards. 

GDP: purchasing power parity - $147.6 billion (1999 est.) 

GDP - real growth rate: 3.9% (1999 est.) 

GDP - per capita: purchasing power parity - $4,700 (1999 est.) 

GDP - composition by sector: 
agriculture: 12% 
industry: 51% 
services: 37% (1997 est.) 

Population below poverty line: 23% (1999 est.) 

Household income or consumption by percentage share: 
lowest 10%: 2.8% 
highest 10%: 26.8% (1995) 

Inflation rate (consumer prices): 4.2% (1999 est.) 

Labor force: 9.1 million (2000 est.) 

Labor force - by occupation: government 29.5%, agriculture 22%, construction and public works 16.2%, industry 13.6%, commerce
and services 13.5%, transportation and communication 5.2% (1989) 

Unemployment rate: 30% (1999 est.) 

Budget: 
revenues: $15.5 billion 
expenditures: $15.1 billion, including capital expenditures of $NA (1999 est.) 

Industries: petroleum, natural gas, light industries, mining, electrical, petrochemical, food processing 

Industrial production growth rate: 7% (1999 est.) 

Electricity - production: 21.38 billion kWh (1998) 

Electricity - production by source: 
fossil fuel: 99.77% 
hydro: 0.23% 
nuclear: 0% 
other: 0% (1998) 

Electricity - consumption: 19.882 billion kWh (1998) 

Electricity - exports: 313 million kWh (1998) 

Electricity - imports: 312 million kWh (1998) 

Agriculture - products: wheat, barley, oats, grapes, olives, citrus, fruits; sheep, cattle 

Exports: $13.7 billion (f.o.b., 1999 est.) 

Exports - commodities: petroleum, natural gas, and petroleum products 97% 

Exports - partners: Italy 21.2%, US 15.0%, France 12.9%, Spain 10.3%, Brazil 5.9%, Netherlands 5.5% (1998) 

Imports: $9.3 billion (f.o.b., 1999 est.) 

Imports - commodities: capital goods, food and beverages, consumer goods 

Imports - partners: France 29.5%, Italy 9.8%, US 7.2%, Spain 6.8%, Germany 6.2%, Canada 4.1% (1998) 

Debt - external: $30 billion (1999 est.) 

Economic aid - recipient: $897.5 million (1994) 

Currency: 1 Algerian dinar (DA) = 100 centimes 

Exchange rates: Algerian dinars (DA) per US$1 - 69.046 (January 2000), 66.574 (1999), 58.739 (1998), 57.707 (1997), 54.749
(1996), 47.663 (1995) 

Fiscal year: calendar year