Disposable household income in Algeria rises 53 percent over past 5 years
Date
11/17/2024 2:38:47 AM
(MENAFN) Disposable household income in Algeria has seen a significant increase, rising by 53 percent over the past five years, reaching 22.71 trillion dinars (USD170 billion) in 2024, compared to 14.85 trillion dinars in 2019. This growth reflects the overall improvement in the purchasing power of Algerian families, according to Kamal Maraghni, Director General of Estimates and Policies at the Ministry of Finance.
Maraghni also highlighted that household consumption has risen by 53 percent during the same period, reaching 15 trillion dinars in 2024, up from 9.8 trillion dinars in 2019. This increase in household spending is an indicator of the growing purchasing power within the country.
In addition, Maraghni noted that household income growth exceeded 13 percent between 2021 and 2023, significantly outpacing inflation, which remained around 9 percent during the same period. This has led to an increase in real income, available for spending, helping to boost household financial well-being.
Savings have also increased, with household savings rising to 7.6 trillion dinars (USD57 billion) in 2024. The average household savings rate has climbed to 33.6 percent, while the consumption rate has stabilized at 65 percent. Maraghni attributed these improvements to a series of measures, including salary increases, pension boosts, unemployment benefits, and the enhancement of university grants, alongside overall improvements in the country's economy, human development, and life expectancy, which rose from 77 years in 2018 to 80 years in 2023.
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