Economy

Algerian premier: Exports outside of hydrocarbon reached nearly $4 billion at the end of August 2022

Prime Minister Aïmene Benabderrahmane, announced, today, Monday that exports outside hydrocarbons reached nearly $4 billion at the end of August 2022, representing an increase of 42 percent on a yearly basis.

During his presentation of the government’s general policy statement to the MPs of the National People’s Assembly, in an open session chaired by its speaker Brahim Boughali and in the presence of government members, the Prime Minister stated that “exports outside hydrocarbons recorded a significant increase of 42 percent, as they moved from 2.61 billion dollars at the end of August 2021, to nearly $4 billion at the end of August 2022.”

Mr. Aïmene Benabderrahmane indicated that “until the end of August 2022, the trade balance recorded a surplus of approximately 14 billion dollars, compared to a deficit of 862 million dollars during the same period in 2021, while the deficit in 2020 amounted to 10.6 billion dollars”.

The balance of payments balance also recorded a surplus of 9.1 billion dollars, compared to a deficit of 4.4 billion dollars during the same period in 2021, according to the Prime Minister.

Benabderrahmane noted that “Algeria regained economic activity in 2021, after the great decline that it experienced in 2020, due to the repercussions of the Covid-19 pandemic”.

He pointed out that the consumption price index “recorded an average of +7.2 percent at the end of 2021, compared to +2.4 percent at the end of 2020,” explaining that “this inflation was mainly related to food products (+10.1 percent) and food processing products (+6.3% percent).

This increase comes – according to the Prime Minister – in the context of the high global inflation rate affected by the development of successive shocks that the world has known during the past two years, as it reached 7.8 percent in April 2022, and 10 percent during September 2022 in Europe, which is the highest rate since 2008.

With regard to the state of public finances, the Prime Minister affirmed, “The government has devoted its efforts in 2021 to stabilizing the basic macro indicators of the national economy, and reducing internal and external imbalances.”

He stressed, in this regard, that budget revenues increased in 2021 by +15.5 percent, and budget expenditures increased, in the same year, by +7.6 percent.

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