Official Name:
Democratic and Popular Republic of Algeria
ECONOMY - OVERVIEW:
The hydrocarbons sector is the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. Algeria has the seventh-largest reserves of natural gas in the world and is the second-largest gas exporter; it ranks 14th in oil reserves. Economic policy reforms supported by the IMF and debt rescheduling from the Paris Club in the past decade have helped improve Algeria's financial and macroeconomic indicators. Because of sustained high oil prices in the past three years, Algeria's finances have further benefited from substantial trade surpluses and record foreign exchange reserves.
