(Ecofin Agency) - Algeria’s Prime Minister, Abdelmalek Sellal, has announced that revenues from oil and gas exports are expected to increase by $35 billion next year compared to the $27.5 billion in 2016.

According to Sellal, revenues regarding the hydrocarbon exports will increase from $27.5 billion in 2016 to $35 billion in 2017 and expected to reach $45 billion in 2019.

Data from the Customs department has revealed that in the first 11 months of 2016, Algeria’s oil and gas exports reached $24.03 billion.

Sellal explained that the international economic situation had been impacted by the drop in oil prices since mid-2014, which had affected the State budget. In spite of the “financial issues faced by Algeria in 2016, this year’s budget covered the development programme.”

He added that Algeria’s gross domestic product (GDP) continues to expand and is estimated to reach about $175.2 billion in 2017 to reach $22,740 billion in 2019, Algeria Press Service reports.

Anita Fatunji