Economics Affairs

Algeria's economic growth reaches 4% in 2016

APS - 12 April 2017

ALGIERS- Algeria’s GDP growth reached 4% in 2016 against 3.8% in 2015, with a steady growth of hydrocarbon GDP, said Wednesday the Governor of the Bank of Algeria Mohamed Loukal.

By the end of 2016, the Algerian economy made a growth of 4% with a 3.7% growth in the non-hydrocarbon sector (against 5% in 2015) and a 5.6% growth in the hydrocarbon sector (against 0.4% in 2015), he said in his presentation, at the Council of the Nation, of the report on the country’s financial and monetary growth for 2015 as well as the broad guidelines of 2016.

The hydrocarbon sector, which experienced a negative growth of -0.6% in 2014, recorded a strong growth of 5.2 points in 2016 compared with 2015, while the non-hydrocarbon sectors experienced a 1.3 point drop between 2015 and 2016.

The same growth factors were observed in 2015 and 2016, with a growth drawn mainly from the sectors of agriculture, industry, building, public works and hydraulics as well as market services, according to Loukal.

With an average oil price of USD45 per barrel in 2016 against USD53.1 in 2015 and USD100.2 in 2014, the hydrocarbon exports reached USD27.66 billion by the end of 2016 (against USD33.08 billion in 2015) with a 10.6% rise in the exported volumes compared with 2015.

Oil taxation fell to DZD1,805.4 billion by the end of 2016 against DZD2,273.5 billion by the end 2015, he said.  

After a sharp drop in bank deposits of the hydrocarbon sector in 2015 (-41.09%), these deposits had slightly increased in 2016 (+2.57%).

The non-hydrocarbon exports reached USD1.39 billion in 2016 against USD1.49 billion in 2015.