-
Essay / The Economy of Algeria, Africa - 1097
Second largest country in Africa, tenth largest country in the world, a diverse culture stretching from the Mediterranean coast to the dunes of the Sahara Desert... Algeria. Despite its massive size, the current state of the Algerian economy trembles with the high winds of the Tell Atlas Mountains. The economy tends to remain state-dominated, which is therefore a legacy of the country's post-independence socialist development model. Hydrocarbons constitute the backbone of Algeria, representing 60% of budgetary revenues, 30% of GDP and 95% of export revenues. Over the past five years, we have seen the government halt the privatization of state-owned industries and increase restrictions on imports and foreign participation. The Algerian economy, however, continued to grow in 2012, with growth of 2.5%, up slightly compared to 2011, at 2.4%. Excluding hydrocarbons, growth was 5.8%, or 0.1% compared to 2011. Inflation is increasing, currently at 3.9%, which varies each year; 8.9% in 2012, 4.5% in 2011. From 2004 to 2008, real GDP remained fairly stable between 5 and 7%, but in 2009 it fell enormously and since then, every two years, the figures fluctuate. The highest was recorded in 2012, at almost 10%, and the lowest, at 0%, in 2011. Looking at the last decade, it is difficult to understand the trend followed by GDP. Gross national savings in 2013 were 45.5% of GDP, fluctuating like real GDP; 44.4% (2012), 47.7% (2011). The working population was 11.15 million in 2013, which places the country 48th in the world, but with a high unemployment rate (10.3%-2013), the country ranks 109th in the world. With current account balances of $6.7 billion, half the 2012 amount ($12.3 billion), coinciding with exports of $68.25 billion in 2...... middle paper ...... LookLex Encyclopedia. " Algeria / Education - LookLex Encyclopedia. Np, nd Web. May 5, 2014. "Algeria." Central Intelligence Agency. Central Intelligence Agency, nd Web. May 4, 2014. "Oil, industry and agriculture are the drivers of the Algerian economy." Economy of Algeria. Np, nd Web. May 4, 2014. "Economic prospects of Algeria." - African Development Bank, nd Web. "Algeria nd, Web. “Poverty and Health Care.” Our Africa, nd Web. 2014. .