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Country Profiles

Financial Outlook

The International Monetary Fund’s latest country report on Algeria (November 2013) expects the country’s economy to grow at around 2.7% through 2013, down from its earlier forecast of 3.4%, reflecting both continued decline in the country’s oil and gas sector and the impact of fiscal consolidation measures. These measures, however, have been successful in reducing the country’s inflation from 8.9% in 2012 to 4.5% at the end of 2013. Algeria has been running a current account surplus, but this will narrow to 1.1% of GDP as a result of lower hydrocarbon exports and continued strong growth in imports. To reverse this decline, the IMF recommends that the country invests more in its oil and gas sector and consumes less of what it produces. Algeria expects to run a balanced budget for 2013, after running a deficit in 2012. More needs to be done to develop the country’s financial sector to improve lending to small and medium-sized enterprises. GDP growth for 2014 is expected to be around 3.7%, with inflation running at 4.5%.

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Further reading on Algeria

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