Having weathered the global economic crisis relatively easily and avoided most of the political turmoil that affected its neighbours during the Arab Spring, Algeria has continued along a steady path of economic growth and social development. In 2012 the country’s GDP reached AD15.84trn (€145.73bn), a 3.3% increase over the previous year. Algeria’s considerable oil and gas reserves, accounting for...
Economy
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Chapter | Country Profile from The Report: Algeria 2013
Covering 2.4m sq km, Algeria is the largest country in Africa, and borders the Mediterranean Sea in the north; Tunisia and Libya in the east; Niger and Mali in the south; and Mauritania, Western Sahara and Morocco in the west. Rich in oil and gas resources, which have supported relative stability in recent years, the country is also Africa’s fourth-largest economy. Algeria has strong trade ties...
As the single most populous nation in Africa, Nigeria recently overtook South Africa as the largest economy on the continent. Natural resources, oil and gas in particular, comprise the country’s single largest revenue-earner but the 170m person economy also has seen significant activity in recent years into the industrial, financial, telecoms and – as of 2013 – power sectors.
Considerable oil and gas revenues have provided the Algerian government with sufficient funds to embark on generous public spending programmes in nearly all sectors, leading to improvements in many of the country’s headline indicators.
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Economic reforms introduced beginning in 2004 have had a noticeable impact on the economy’s performance. In the three years prior to the global financial crisis, GDP growth averaged 7% per annum and FDI peaked at $13.2bn in 2007/08. However, the events of the past two years have underlined the fact that Egypt’s growth over the previous years has not been shared by all sectors of society, although...