Gross Domestic Product (GDP)
In 2007 Algeria’s estimated GDP was US$125.9 billion according to the official exchange rate. Using purchasing power parity, estimated GDP was US$268.9 billion, or US$8,100 on a per capita basis. The estimated real growth rate was 4.6 percent. In 2007 industry accounted for 61 percent of GDP, services constituted 31 percent, and agriculture provided the remaining 8 percent. The country has enjoyed several years of strong economic performance, with solid non-hydrocarbon growth, low inflation, an overall budget surplus of 8percent of GDP and a positive trade balance of 28 percent of GDP in 2008. Average annual non-hydrocarbon GDP growth averaged 6 percent in 2003-2007, with total GDP growing at an average of 4.5 percent during the same period due to less buoyant oil production in 2006-07. External debt has been virtually eliminated, and the government has accumulated large savings in the oil stabilization fund (FRR). Inflation, the lowest in the region, has remained stable at 4 percent on average for 2003-07. However, the economy remains highly dependent on hydrocarbons, which represent 98 percent of total exports; a continued slowdown of global energy demand would therefore significant pressure on Algeria’s fiscal and external positions.
Read more about this topic: Economy Of Algeria
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