The economy of Algeria shrank 3.9 percent year-on-year in the first quarter of 2020, following a mild 0.2 percent growth in the previous period, amid the Covid-19 pandemic. It was the strongest economic contraction since comparable data began in 2011, led by the oil sector (-13.4% vs -5.3%). Also, activity declined in commercial services (-2.8 percent vs 1.8 percent) and industry (-0.5 percent vs 3.3 percent). source: Office National des Statistiques (ONS)

GDP Annual Growth Rate in Algeria averaged 2.68 percent from 2001 until 2020, reaching an all time high of 6.70 percent in the fourth quarter of 2003 and a record low of -3.90 percent in the first quarter of 2020. This page provides - Algeria GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Algeria GDP Annual Growth Rate - values, historical data and charts - was last updated on September of 2021.

GDP Annual Growth Rate in Algeria is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Algeria to stand at 1.80 in 12 months time. In the long-term, the Algeria GDP Annual Growth Rate is projected to trend around 2.30 percent in 2022 and 1.70 percent in 2023, according to our econometric models.

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Algeria GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-3.90 0.20 6.70 -3.90 2001 - 2020 percent Quarterly

Algeria GDP Annual Growth Rate
Algerian economy is highly dependent on petroleum and natural gas exports. It is estimated that hydrocarbons account for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. To insulate the Algerian economy from volatility in gas & oil prices, the stabilization fund was set up in 2000, which currently have under management more than 50 billion dollars. State dominance over the economy, corruption and bureaucracy continue to hamper further development and diversification of the economy.