Algeria’s Finance Minister, Laaziz Faid, announced on Monday, November 4, 2024, that the country’s foreign exchange reserves, excluding gold, have increased by 4%. This represents an increase from $69 billion at the end of 2023 to $72 billion by the end of this year.
During his speech presenting the 2025 budget proposal to members of the House of Representatives, Mr. Faid disclosed that the trade surplus is expected to reach $2.8 billion by the end of 2024, which is 1.1% of the GDP, which was $267 billion last year. This positions Algeria as the third-ranked economy in Africa, following South Africa and Egypt.
The Algerian minister anticipates that next year’s economic growth will reach 4.4%, compared to 4.1% this year. The non-hydrocarbon sector is expected to contribute 4.7% to the gross domestic product, following a growth of 4.3% this year.
New budget expenditures in Algeria total $128 billion, with a record deficit rate exceeding 40%.
Mr. Faid highlighted that despite external influences, the Algerian economy continues to demonstrate resilience through:
- Improvement in macroeconomic indicators,
- Continued robust growth,
- A surplus in the balance of payments,
- Accumulation of foreign exchange reserves.
