Economics Affairs

Economic growth at 2.2% in 2017

APS - 12 February 2018

ALGIERS- Algeria's economic growth hit 2.2% in 2017, against 3.3% in 2016, despite significant decline in the sector of hydrocarbons, said Monday the Governor of the Bank of Algeria, Mohamed Loukal.

"Algeria has achieved an economic growth rate of 2.2% in 2017 despite significant decrease in the sector of hydrocarbons," said Loukal while presenting his report on the country's financial and monetary situation in 2016 and 2017, during a plenary session of the People's National Assembly (Lower House of Parliament).

The overall deficit of the balance of payments totalled US$23.3 billion in 2017 against US$26.3 billion in 2016, he added. The country's exchange reserves dropped by US$16.8 billion in 2017, moving from US$114.4 billion in late 2016 down to US$97.3 billion in late 2017, said Loukal.

Hydrocarbon exports declined in terms of volume after a 10.8% increase in 2016 while their value went up to US$31.6 billion in late 2017, against US$27.9 billion in 2016. Non-hydrocarbon exports fell down to US$1.3 billion against US$1.4 billion during the same period of comparison. Algeria's overall export totalled US$32.9 billion in 2017 against US$29.3 billion a year earlier. Imports continued their downward trend moving from US$48.7 billion in 2017 against US$49.7 billion in 2016.

In Late September 2017, the country's budget revenues amounted to DZD4,740 billion, against DZD3,606 billion in September 2016, up by 21.5%, while expenditures remained almost stable totalling DZD5,535 billion in September 2017. Thus, budget deficit declined significantly to DZD795 billion during the first months of 2017 against a deficit of DZD1,567 billion during the same period in 2016, according to figures provided by the Governor of the Bank of Algeria.