Algeria is a North African nation which gained independence from French colonial rule in the year 1962. It's the second largest country in Africa, in terms of its land area and blessed with natural resources and natural gas reserves.
The country has a mixed geography with a large portion falling in the Sahara dessert region and a long coastal line along the Mediterranean Sea in the north. Based on its 2010 estimates, the country had a population of 35 million, however 23 percent of the population lives below poverty line.
Algeria Economy: Profile and GDP
Continuous and significant improvements characterize the Algerian economy governed by the public sector; its a closed economy with strict controls on foreign and private investments.
Hydrocarbons are the primary revenue generator for Algeria. They account for 60 percent of total budget revenues and 30 percent of the GDP.
Based on 2010 estimates, Algeria's GDP was US $244.3 billion and per capita GDP (PPP) was US $7,100.
Algeria Economy: Composition by Sectors
The Algeria economy is fueled by the industrial sector, particularly oil and natural gas extraction and processing.
Approximately, 60 percent of the Algerian labor force is employed in the service sector and governance, while industry and agriculture employs 28 percent of the labor force.
Algeria Economy: Currency
The Algerian Dinar (DZD) is the country’s official currency. In 2010, US $1 was equal to DZD72.6. Due to the unstable value of the Algerian Dinar in the international market, most of Algerian trade occurs in US Dollars and Euros.
Owing to shooting oil prices, Algeria has a foreign exchange and gold reserve totaling US $149.2 billion (2010 estimates).
Algeria Economy: Economic Relations
Algeria is a member of UN, African Union and OPEC (Organization of Petroleum-Exporting Countries).
In 2010, total exports of the country totaled US $52.03 billion. Algeria's exports include hydrocarbons and animal products - with the US as its largest exporting partner.
However, the country imports largely from France. Main imports include consumer goods and food materials.
The Algerian economy is likely to improve further as its banking and construction sectors evolve and work to reduce its economic dependency on the oil sector.