Africa News Algeria economic growth up to 2.3% in 2018

Algeria economic growth up to 2.3% in 2018

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(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.

Reuters

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