Algeria expects accelerated growth of 4.1% in 2023 and 4.4% in 2024 driven by the agriculture, industry and construction sectors

The Algerian government is counting on an acceleration of economic growth over the next three years thanks to the good performance expected from all sectors except that of hydrocarbons, announced the Minister of Finance, Brahim Djamel Kassali.

Speaking on the occasion of the examination of the 2023 Finance Law in the National Assembly, Brahim Djamel Kassali specified that Algeria’s real GDP growth should increase from 3.7% in 2022 to 4, 1% in 2023, then 4.4% in 2024 and 4.6% in 2025.

“These growth rates will be the result of the performance of all sectors except the hydrocarbon sector, which will experience some stability between 2023 and 2025,” he said.

The Minister estimated in this context that the agricultural sector should record a growth rate of 6.9% in 2023, 5.5% in 2024 and 5.7% in 2025, while that of industry should grow by 8.5% in 2023, then by 9.6% in 2024 and by 9.3% in 2025. The building and public works (BTP) sector should record a growth rate of 5.6% in 2023, 3.9% in 2024 and 4.5% in 2025.

Brahim Djamel Kassali also indicated that inflation should be 5.1% in 2023, 4.5% in 2024 and 4% in 2025.

According to him, Algeria’s trade balance should be in surplus over the next three years. The trade surplus is expected to increase from $9.4 billion in 2023, to $11.3 billion in 2024, then to $11.6 billion in 2025.

It should be noted that the 2023 Finance Law was drawn up on the basis of a forecast price of $60 per barrel of oil.