Economy Algeria
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 seventh-largest reserves of natural
gas in the world and is the second-largest gas exporter; it ranks
14th in oil reserves. Sustained high oil prices in recent years,
along with macroeconomic policy reforms supported by the IMF, have
helped improve Algeria's financial and macroeconomic indicators.
Algeria is running substantial trade surpluses and building up
record foreign exchange reserves. Real GDP has risen due to higher
oil output and increased government spending. The government's
continued efforts to diversify the economy by attracting foreign and
domestic investment outside the energy sector, however, has had
little success in reducing high unemployment and improving living
standards. Structural reform within the economy moves ahead slowly.
GDP (purchasing power parity):
$212.3 billion (2004 est.)
GDP - real growth rate:
6.1% (2004 est.)
GDP - per capita:
purchasing power parity - $6,600 (2004 est.)
GDP - composition by sector: agriculture: 10.3% industry: 57.4% services: 32.3% (2004 est.)
Labor force: 9.91 million (2004 est.)
Labor force - by occupation: agriculture 14%, industry 13.4%, construction and public works 10%, trade 14.6%, government 32%, other 16% (2003 est.)
Unemployment rate:
25.4% (2004 est.)
Population below poverty line:
23% (1999 est.)