Algeria Projects 4.2% Economic Growth With New 2024 Finance Bill

Algerian President Abdelmadjid Tebboune has officially enacted the 2024 finance bill, which projects a 4.2% growth in the national economy. This legislation, endorsed by both houses of parliament earlier this month, bases its optimistic forecast on the performance of various sectors, including services, agriculture, building, public works, and industry.

The finance bill anticipates a significant rise in expenditure, with the budget slated to reach $113.6 billion, while public revenues are expected to amount to $67.7 billion. Algeria, looking forward to a positive economic trajectory, forecasts exports to be valued at $49.8 billion against imports of $43.5 billion, leading to a projected trade surplus of $6.3 billion in the next fiscal year.

A key element of the bill is setting the reference price for crude oil at $60 per barrel for the 2024-2026 period. Local observers have noted that the bill’s introduction coincides with the Algerian economy’s recovery, buoyed by rising Brent prices and an increasing trade surplus.