(Ecofin Agency) - In 2018, Algeria’s economy grew by 2.3%, the ministry of finance indicated on January 24, 2019, in a release.
According to figures reported by Reuters, this growth was spurred by the rise of the average price of the oil barrel that rose to $72.43 in 2018 against $52.71 in 2017.
Despite a 4% growth in the non-oil sector, Algeria is still unable to reduce its dependency toward oil and gas that represent about 60% of its budget and 94% of exports revenues.
Let’s note that even though it is below the 4% expected by the government, the growth recorded by the country in 2018 is higher than the 1.4% recorded in 2017.
While the country which is a member of the Organization of Petroleum Exporting Countries (OPEP) is preparing for its presidential elections, authorities expect a 2.6% growth this year due to a drop in the energy revenues and a decrease of state expenditures by 1.5%.
Moutiou Adjibi Nourou