Africa News Algeria economic growth up to 2.3% in 2018

Algeria economic growth up to 2.3% in 2018


- Advertisment -

(190112) – ALGIERS, Jan. 12, 2019 (Xinhua) – Algerian Amazighs (Berbers) celebrate the Amazigh Yennayer in Algiers, Algeria, on Jan. 12, 2019. The Amazighs in Algeria celebrated their New Year on Saturday for the second time as a national public holiday. (Xinhua)

INTERNATIONAL – OPEC member Algeria's economy grew 2.3 percent in 2018 due to higher prices, the finance ministry said on Thursday, up from 1.4 percent.

The price of the country's oil exports last year averaged $ 72.43 in barrel, against $ 52.71 in 2017, it said.

Oil and gas account for 60 percent of the budget and 94 percent of total exports revenue.

The North African country also increased state spending for 2018 by 25 percent after a 14 percent cut in 2017.

Algeria has failed to develop its non-hydrocarbon sector, which grew up last year, up from 2.2 percent in 2017, according to the ministry's figures.

The government expects the economy to expand by 2.6 percent this year due to a 1.5 percent reduction in spending and lower energy revenue projection.

Oil and gas earnings should reach $ 33.2 billion, down from the $ 34.37 billion target for 2018, because of growing domestic consumption.

The government is benefitting from a global recovery of crude oil prices.



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest news

Le « Lonely Planet » place Dubaï dans le top des destinations à faire

Par J.C. | Publié le 23/10/2019 à 19:04 | Mis à jour le 23/10/2019 à 19:07Le « Lonely Planet »...

Russia’s VEB signs deal to build two billion euro refinery in Morocco: report

Wednesday, October 23, 2019 3:27 p.m. CDT RABAT (Reuters) - Russian state development bank VEB signed a deal...

Sotchi : Le Maroc prend part au Forum économique Russie-Afrique (Reportage)

Les travaux du Forum économique Russie-Afrique, tenu dans le cadre du Sommet Russie-Afrique, se sont ouverts ce mercredi à...

Etats-Unis : La Côte d’Ivoire à l’honneur à Atlanta

La culture ivoirienne mise en vitrine lors de l’Exposition ivoirienne d’Atlanta tenue en septembre dernier dans la capitale de...

Inauguration d’une salle de conférences au nom de feu Mongi Slim au siège des Nations Unies à Tunis

Inauguration d'une salle de conférences au nom de feu Mongi Slim au siège des Nations Unies à Tunis23/10/2019...

Kiir hails Egypt’s efforts to back South Sudan’s stability

CAIRO – 23 October 2019: South Sudan’s President Salva Kiir on Wednesday praised Egypt’s efforts to back stability in...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you