| 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 14th in oil reserves. 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 2000-03
benefited from substantial trade surpluses, record foreign
exchange reserves, and reductions in foreign debt. 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.
|
| GDP |
purchasing
power parity- $173.8 billion (2002 est.) |
| GDP
- real growth rate |
3.3% (2002
est.) |
| GDP
- per capita |
purchasing
power parity - $5,400 (2002 est.) |
| GDP
- composition by sector |
agriculture:
8%
industry: 60%
services: 32% (2002 est.) |
| Population
below poverty line |
23% (1999
est.) |
| Inflation
rate (consumer prices) |
3% (2002
est.) |
| Labor
force |
9.4 million
(2001 est.) |
| Labor
force - by occupation |
government
29%, agriculture 25%, construction and public works 15%, industry
11%, other 20% (1996 est.) |
| Unemployment
rate |
31% (2002
est.) |
| Industries |
petroleum,
natural gas, light industries, mining, electrical, petrochemical,
food processing |
| Industrial
production growth rate |
6% (2001
est.) |
