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In Algeria, the hydrocarbons sector is the backbone of the economy, accounting for roughly 52% of budget revenues, 25% of GDP, and over 95% of export earnings. Algeria has the fifth-largest reserves of natural gas in the world and is the second largest gas exporter; it ranks fourteenth for oil reserves. Algiers' efforts to reform one of the most centrally planned economies in the Arab world stalled in 1992 as the country became embroiled in political turmoil.
Burdened with a heavy foreign debt, Algiers concluded a one-year standby arrangement with the International Monetary Fund in April 1994 and the following year signed onto a three-year extended fund facility which ended 30 April, 1998. Some progress on economic reform, Paris Club debt rescheduling s in 1995 and 1996, and oil and gas sector expansion contributed to a recovery in growth since 1995, reducing inflation to approximately 1% and narrowing the budget deficit. Algeria's economy has grown at about 4% annually since 1999. The country's foreign debt has fallen from a high of $28 billion in 1999 to its current level of $24 billion. The spike in oil prices in 1999- 2000 and the government's tight fiscal policy, as well as a large increase in the trade surplus and the near tripling of foreign exchange reserves has helped the country's finances. However, an ongoing drought, the after effects of the November 10, 2001 floods and an uncertain oil market make prospects for 20022002 is a common year starting on Tuesday (see link for calendar). 2002 was the first palindromic year since 1991 and the last until 2112. 2002 was also designated: International Year of Ecotourism and Mountains National Science Year in the United Kingdom- 032003 is a common year starting on Wednesday (link will take you to calendar), and also: The International Year of Freshwater The European Disability Year Summary Perhaps the defining global event of the year 2003 was the Invasion of Iraq launched by the U more problematic. The government pledges to continue its efforts to diversify the economy by attracting foreign and domestic investment outside the energy sector. However, it has thus far had little success in reducing high unemployment, officially estimated at 30% and improving living standards.
President Bouteflika has announced sweeping economic reforms, which, if implemented, will significantly restructure the economy. Still, the economy remains heavily dependent on volatile oil and gas revenues. The government has continued efforts to diversify the economy by attracting foreign and domestic investment outside the energy sector, but has had little success in reducing high unemployment and improving living standards. Other priority areas include banking reform, improving the investment environment, and reducing government bureaucracy.The government has announced plans to sell off state enterprises: sales of a national cement factory and steel plant have been completed and other industries are up for offer. In 2001, Algeria signed an Association Agreement with the European UnionFor other uses, see EU (disambiguation). The European Union or EU is a supranational organisation of 25 European states. It was established with that name by the Treaty on European Union (commonly known as the Maastricht Treaty) in 1992 but many aspects o; it has started accession negotiations for entry into the World Trade OrganizationThe World Trade Organization (WTO) is an international organization which oversees a large number of agreements covering the "rules of trade" between its member states. It was created in 1995 as a secretariat to administer the General Agreement on Tariffs.
GDP: purchasing power parity - $196 billion (2003 est.)
GDP - real growth rate: 7.4% (2003 est.)
GDP - per capita: purchasing power parity - $6,000 (2003 est.)
GDP - composition by sector:
agricultureFarming, ploughing rice paddy, in Indonesia Agriculture is the process of producing food, feed, fiber and other desired products by cultivation of certain plants and the raising of domesticated animals (livestock). Agriculture is also known as farming .: 10.2%
industry: 56.5%
services: 33.4% (2003 est.)
Population below poverty line: 23% (1999 est.)
Household income or consumption by percentage share:
lowest 10%: 2.8%
highest 10%: 26.8% (1995)
Inflation rate (consumer prices): 3.5% (2003 est.)
Labor force: 9.6 million (2003)
Labor force - by occupation: government 32%, agriculture 14%, construction and public works 10%, industry 13.4%, trade 14.6%, other 16% (2003 est.)
Unemployment rate: 26.2% (2003 est.)
Budget:
revenues: $25.49 billion
expenditures: $22.87 billion, including capital expenditures of $5.8 (2003 est.)
Industries: petroleum, natural gas, light industries, mining, electrical, petrochemical, food processing
Industrial production growth rate: 6% (2003 est.)
Electricity - production: 24,690 GWh (2001)
Electricity - production by source:
fossil fuel: 99.77%
hydro: 0.23%
nuclear: 0%
other: 0% (1998)
Electricity - consumption: 22,900 GWh (2001)
Electricity - exports: 340 GWh (2001)
Electricity - imports: 275 GWh (2001)
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