tate religion)

Economy

Economy - overview: The hydrocarbons sector is the backbone of the
economy, accounting for roughly 57% of government revenues, 25% of
GDP, and almost all export earnings; Algeria has the fifth-largest
reserves of natural gas in the world and is the second largest gas
exporter; and it ranks fourteenth for oil reserves. Algiers' efforts
to reform one of the most centrally planned economies in the Arab
world began after the 1986 collapse of world oil prices plunged the
country into a severe recession. In 1989, the government launched a
comprehensive, IMF-supported program to achieve economic stabilization
and to introduce market mechanisms into the economy. Despite
substantial progress toward economic adjustment, in 1992 the reform
drive stalled as Algiers became embroiled in political turmoil. In
September 1993, a new government was formed, and one priority 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 concluded a one-year standby arrangement with
the IMF in April 1994. Following a Paris Club debt rescheduling in
1995, a robust harvest, and elevated oil prices, the economy
experienced a strong recovery and key economic improvements. Recent
and planned investments in developing hydrocarbon resources are likely
to increase growth and export earnings.

GDP: purchasing power parity - $115.9 billion (1996 est.)

GDP - real growth rate: 4% (1996 est.)

GDP - per capita: purchasing power parity - $4,000 (1996 est.)

GDP - composition by sector:
agriculture: 12%
industry: 50%
services: 38% (1995 est.)

Inflation rate - consumer price index: 19.8% (1996 est.)

Labor force:
total: 7.8 million (1996 est.)
by occupation: government 29.5%, agriculture 22%, construction and
public works 16.2%, industry 13.6%, commerce and services 13.5%,
transportation and communication 5.2% (1989)

Unemployment rate: 28% (1996 est.)

Budget:
revenues : $14.3 billion
expenditures: $17.9 billion, including capital expenditures of $NA
(1995 est.)

Industries: petroleum, light industries, natural gas, mining,
electrical, petrochemical, food processing

Industrial production growth rate: NA%

Electricity - capacity: 6.01 million kW (1994)

Electricity - production: 18.7 billion kWh (1994)

Electricity - consumption per capita: 583 kWh (1995 est.)

Agriculture - products: wheat, barley, oats