Current Account in Algeria
Algeria - Current AccountGDP remained below its pre-pandemic level at the end of 2021. In H1 2022, hydrocarbons, which account for 95% of the country’s exports, are driving the recovery. OPEC+ continues to raise oil production quotas, and EU demand for Algerian gas is rising as it seeks to reduce its dependence on Russian energy. Oil output was up 12.6% year-on-year in Q1, with gas exports to Europe rising by over 9% yoy in the same quarter. Near decade-high energy prices are fortifying the external and fiscal balances and spurring new hydrocarbon investment, boding well for future output. However, hydrocarbons output growth will be limited by weak prior investment and the closure of a pipeline last year. In the non-hydrocarbons sector, activity is more subdued. The war in Ukraine has caused food prices to soar, likely hitting private spending, despite recent VAT cuts and the introduction of a new unemployment benefit.
Algeria - Current Account Data
|Current Account (% of GDP)||-16.4||-16.4||-13.2||-9.6||-|
5 years of economic forecasts for more than 30 economic indicators.
Algeria Current Account Chart
Source: National Office of Statistics and FocusEconomics calculations.
|Exchange Rate||119.1||-0.11 %||Jan 01|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.