embassy: 4 Chemin Cheikh Bachir El-Ibrahimi, Algiers
mailing address: B. P. Box 549, Alger-Gare, 16000 Algiers
telephone: [213] (21) 69-11-86, 69-12-55, 69-18-54, 69-38-75
FAX: [213] (21) 69-39-79
Flag description: two equal vertical bands of green (hoist side) and white; a red, five-pointed star within a red crescent centered over the two-color boundary; the crescent, star, and color green are traditional symbols of Islam (the state religion)
Algeria Economy
Economy - overview: The hydrocarbons sector is the backbone of the economy, accounting for roughly 60% of budget revenues, 30% 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. Algeria's financial and economic indicators improved during the mid-1990s, in part because of policy reforms supported by the IMF and debt rescheduling from the Paris Club. Algeria's finances in 2000 benefited from the spike in oil prices and the government's tight fiscal policy, leading to a large increase in the trade surplus, the near tripling of foreign exchange reserves, and reduction in foreign debt. The government continues 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.
GDP: purchasing power parity - $171 billion (2000 est.)
GDP - real growth rate: 5% (2000 est.)
GDP - per capita: purchasing power parity - $5,500 (2000 est.)