Algerian President Approves 2025 Budget With 4.5 Pc Growth Forecast
Date
11/25/2024 12:30:15 AM
(MENAFN- IANS) Algiers, Nov 25 (IANS) Algerian President Abdelmadjid Tebboune signed the 2025 budget law, projecting an economic growth rate of 4.5 per cent, according to a statement from the presidency.
The budget is based on a reference oil price of $60 per barrel for the 2025-2027 period. The government expects gross domestic product (GDP) growth to accelerate, reaching 4.5 per cent in 2025-2026, compared to 4.2 per cent in 2024, and forecasts a 5 per cent growth rate in the non-hydrocarbon sector, Xinhua news agency reported.
Public spending for 2025 is set at 16,794.61 billion dinars (about 126 billion dollars), marking a 9.9 per cent increase from 2024. Budgeted revenues are estimated at 8,523.06 billion dinars, reflecting a 3.5 per cent rise, while the deficit is projected at 8,271.55 billion dinars.
Key economic indicators include projected exports of $50.9 billion, imports of $46.07 billion, and a trade surplus of $4.83 billion. A balance of payments surplus of $1.17 billion and foreign exchange reserves of $72.95 billion, covering 16 months of imports, are also anticipated.
A recent World Bank report highlighted Algeria's "strong" economic performance in 2024. Growth in the first half of the year reached 3.9 per cent, driven by "resilient" agricultural output. Inflation also improved significantly, falling to 4.3 per cent during the first nine months of 2024.
The report emphasised that non-hydrocarbon sectors and investment played a vital role in sustaining Algeria's economic momentum during the first half of 2024.
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