Algeria: Upper House passes Finance Act 2017

ALGIERS- The Council of the Nation (Upper House of Parliament) on Wednesday has unanimously adopted the Finance Act 2017, in a plenary session chaired by Speaker Abdelkader Bensalah, in presence of members of the Government.

The Finance Act is based on a reference price of US$50 a barrel of oil for that period: US$50 in 2017, US$55 in 2018 and US$60 in 2019.

The average exchange rate is expected to be DZD108 for US$1, while the average inflation rate is expected to hit 4%.

Public spending would amount to DZD6,800 billion over the next three years, while non-hydrocarbon revenues would increase by 11%, from DZD2,563 billion in 2016 up to DZD2,845 billion in 2017.

The average economic growth is expected to reach 3.9% in 2017, and would drop to 3.6% in 2018 and then up to 4.3% in 2019.

The taxation revenues are expected to total DZD5,635 billion in 2017, up by 12.7% compared with the financial year 2016.

Oil taxation revenues are expected to hit DZD2,200 billion in 2017, following the increase in the reference price of a barrel of oil, from US$37 in 2016 up to US$50 in 2017.

Expenditures are expected to drop to DZD6,883.2 billion in 2017, against DZD7,000 billion in 2016, of which DZD4,591.8 billion for operating budget.

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Source: Upper House passes Finance Act 2017

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