Algeria Economy - 2024

Economic overview

suffering oil and gas economy; lack of sector and market diversification; political instability chilling domestic consumption; poor credit access and declines in business confidence; COVID-19 austerity policies; delayed promised socio-economic reforms

Real GDP (purchasing power parity)

$487.716 billion (2021 est.)
$471.223 billion (2020 est.)
$496.547 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.5% (2021 est.)
-5.1% (2020 est.)
1% (2019 est.)

Real GDP per capita

$11,000 (2021 est.)
$10,800 (2020 est.)
$11,600 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$169.912 billion (2019 est.)

Inflation rate (consumer prices)

7.23% (2021 est.)
2.42% (2020 est.)
1.95% (2019 est.)

Credit ratings

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 13.3% (2017 est.)

industry: 39.3% (2017 est.)

services: 47.4% (2017 est.)

GDP - composition, by end use

household consumption: 42.7% (2017 est.)

government consumption: 20.2% (2017 est.)

investment in fixed capital: 38.1% (2017 est.)

investment in inventories: 11.2% (2017 est.)

exports of goods and services: 23.6% (2017 est.)

imports of goods and services: -35.8% (2017 est.)

Agricultural products

potatoes, wheat, milk, watermelons, barley, onions, tomatoes, oranges, dates, vegetables

Industries

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

Industrial production growth rate

7.36% (2021 est.)

Labor force

12.312 million (2021 est.)

Unemployment rate

12.7% (2021 est.)
12.55% (2020 est.)
10.51% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 31.9% (2021 est.)

male: 27.8%

female: 54%

Population below poverty line

5.5% (2011 est.)

Gini Index coefficient - distribution of family income

27.6 (2011 est.)

Average household expenditures

on food: 37.3% of household expenditures (2018 est.)

on alcohol and tobacco: 1% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.8%

highest 10%: 26.8% (1995)

Remittances

1.17% of GDP (2020 est.)
1.04% of GDP (2019 est.)
1.13% of GDP (2018 est.)

Budget

revenues: $55.185 billion (2019 est.)

expenditures: $64.728 billion (2019 est.)

Budget surplus (+) or deficit (-)

-9.6% (of GDP) (2017 est.)

Public debt

27.5% of GDP (2017 est.)
20.4% of GDP (2016 est.)

note: data cover central government debt as well as debt issued by subnational entities and intra-governmental debt

Taxes and other revenues

32.3% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$4.608 billion (2021 est.)
-$18.187 billion (2020 est.)
-$16.954 billion (2019 est.)

Exports

$41.776 billion (2021 est.)
$24.902 billion (2020 est.)
$38.551 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Italy 13%, France 13%, Spain 12%, United States 7%, United Kingdom 7%, India 5%, South Korea 5% (2019)

Exports - commodities

natural gas, crude petroleum, refined petroleum, fertilizers, ammonia (2021)

Imports

$44.322 billion (2021 est.) note: data are in current year dollars
$42.347 billion (2020 est.) note: data are in current year dollars
$54.259 billion (2019 est.)

Imports - partners

China 18%, France 14%, Italy 8%, Spain 8%, Germany 5%, Turkey 5% (2019)

Imports - commodities

refined petroleum, wheat, packaged medical supplies, milk, vehicle parts (2019)

Reserves of foreign exchange and gold

$56.211 billion (31 December 2021 est.)
$59.434 billion (31 December 2020 est.)
$71.796 billion (31 December 2019 est.)

Debt - external

$5.574 billion (2019 est.)
$5.666 billion (2018 est.)

Exchange rates

Algerian dinars (DZD) per US dollar -

Exchange rates:
135.064 (2021 est.)
126.777 (2020 est.)
119.354 (2019 est.)
116.594 (2018 est.)
110.973 (2017 est.)