The economy of Algeria advanced a meagre 0.2% year-on-year in the fourth quarter of 2019, decelerating from an upwardly revised 1.3% expansion in the prior period. It was the weakest growth since the fourth quarter of 2017 when the economy contracted 0.4%, as the oil sector shrank (-5.3% vs -1.5% in Q3). Also, activity continued to slow in industry (3.3% vs 4.6%) and commercial services (1.8% vs 2.6%), hampered by transport & communication (2.9% vs 5.1%); household services (2.1% vs 2.7%) and hotels, cafes & restaurants (-0.8% vs -1.2%). Meanwhile, agricultural activity rebounded sharply (4.9% vs -1.2%), largely explained by higher production of vegetables. Considering the full 2019, the GDP grew 0.8%, down from 1.5% the previous year and far below the government's initial forecast of 2.6%, mainly attributed to poor performance in the energy sector and nationwide protests.

GDP Annual Growth Rate in Algeria averaged 2.83 percent from 2001 until 2019, reaching an all time high of 6.70 percent in the fourth quarter of 2003 and a record low of -0.40 percent in the fourth quarter of 2017. 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 August of 2020.

GDP Annual Growth Rate in Algeria is expected to be -5.20 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 3.00 in 12 months time. In the long-term, the Algeria GDP Annual Growth Rate is projected to trend around 5.20 percent in 2021 and 5.40 percent in 2022, according to our econometric models.

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Algeria GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.20 1.30 6.70 -0.40 2001 - 2019 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.