Overview: The exploitation of oil and natural gas products forms the backbone of the economy. Algeria depends on hydrocarbons for nearly all of its export receipts, about 30% of government revenues, and nearly 25% of GDP. In 1973-74 the sharp increase in oil prices led to a booming economy and helped to finance an ambitious program of industrialization. Plunging oil and gas prices, combined with the mismanagement of Algeria's highly centralized economy, have brought the nation to its most serious social and economic crisis since independence. The government has promised far-reaching reforms, including giving public-sector companies more autonomy, encouraging private-sector activity, boosting gas and nonhydrocarbon exports, and proposing a major overhaul of the banking and financial systems, but to date has made little progress.

GDP: $54 billion, per capita $2,130; real growth rate 2.5% (1990 est.)

Inflation rate (consumer prices): 16.6% (1990)

Unemployment rate: 26% (1990 est.)

Budget: revenues $16.7 billion; expenditures $17.3 billion, including capital expenditures of $6.6 billion (1990 est.)

Exports: $10.2 billion (f.o.b., 1990 est.); commodities--petroleum and natural gas 98%; partners--Netherlands, Czechoslovakia, Romania, Italy, France, US

Imports: $9.2 billion (f.o.b., 1990 est.); commodities--capital goods 29%, consumer goods 30%; partners--France 25%, Italy 8%, FRG 8%, US 6-7%

External debt: $26.6 billion (December 1990)

Industrial production: growth rate -3% (1989 est.); accounts for 30% of GDP, including petroleum

Electricity: 5,156,000 kW capacity; 14,900 million kWh produced, 580 kWh per capita (1990)

Industries: petroleum, light industries, natural gas, mining, electrical, petrochemical, food processing

Agriculture: accounts for 11% of GDP and employs 24% of labor force; net importer of food--grain, vegetable oil, and sugar; farm production includes wheat, barley, oats, grapes, olives, citrus, fruits, sheep,and cattle

Economic aid: US commitments, including Ex-Im (FY70-85), $1.4 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $8.5 billion; OPEC bilateral aid (1979-89), $1.8 billion; Communist countries (1970-89), $2.7 billion

Currency: Algerian dinar (plural--dinars); 1 Algerian dinar (DA) = 100 centimes

Exchange rates: Algerian dinars (DA) per US$1--13.581 (January 1991), 8.958 (1990), 7.6086 (1989), 5.9148 (1988), 4.8497 (1987), 4.7023 (1986), 5.0278 (1985)

Fiscal year: calendar year

NOTE: The information regarding Algeria on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Algeria Economy 1991 information contained here. All suggestions for corrections of any errors about Algeria Economy 1991 should be addressed to the CIA.