ountry into a severe
recession. In 1989, the government launched a comprehensive,
IMF-supported program to achieve macroeconomic stabilization and to
introduce market mechanisms into the economy. Despite substantial
progress toward macroeconomic adjustment, in 1992 the reform drive
stalled as Algiers became embroiled in political turmoil. In September
1993, a new government was formed, one of whose priorities was the
resumption and acceleration of the structural adjustment process.
Buffeted by the slump in world oil prices and burdened with a heavy
foreign debt, Algiers in 1993 resumed negotiations with the IMF and is
on track to conclude a standby arrangement with the Fund in 1994.
National product:
GDP - purchasing power equivalent - $89 billion (1993 est.)
National product real growth rate:
1% (1993 est.)
National product per capita:
$3,300 (1992 est.)
Inflation rate (consumer prices):
22% (1993 est.)
Unemployment rate:
22% (1993 est.)
Budget:
revenues:
$14.4 billion
expenditures:
$14.6 billion, including capital expenditures of $3.5 billion (1992
est.)
Exports:
$11.4 billion (f.o.b., 1993 est.)
commodities:
petroleum and natural gas 97%
partners:
Italy 21%, France 16%, US 14%, Germany 13%, Spain 9%
Imports:
$9 billion (f.o.b., 1993 est.)
commodities:
capital goods 39.7%, food and beverages 21.7%, consumer goods 11.8%
(1990)
partners:
France 29%, Italy 14%, Spain 9%, US 9%, Germany 7%
External debt:
$26 billion (1994)
Industrial production:
growth rate NA%
Electricity:
capacity:
6,380,000 kW
production:
16.384 billion kWh
consumption per capita:
630 kWh (1992)
Industries:
petroleum, light industries, natural gas, mining, electrical,
petrochemical, food processing
Agriculture:
accounts for 12.8% of GDP (1993 est.) and employs 22% of labor force;
products- wheat, barley, oats, grapes, olives, citrus, fruits, sheep,
cattle; net importer of food - grain, vegetable oil, sugar
Economic aid:
recipient:
US commitments, including Ex-Im (FY70-85), $1.4 billion; Western
(non-US) countries, ODA and OOF bilateral commitments (1970-89), $925
million; OPEC bilateral aid (1979-89), $1.8 billion; Communist
countries (1970-89), $2.7 billion; net official disbursements
(1985-89), $375 million
Currency:
1 Algerian dinar (DA) = 100 centimes
Exchange rates:
Algerian dinars (DA) per US$1 - 36.008 (April 1994), 23.345 (1993),