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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Algeria Posts GDP Growth of 2.3% In the First Quarter

Demonstrators wearing national flags walk past a street vendor during a protest demanding a change of the power structure in Algiers, Algeria January 24, 2020. (Reuters)

Algeria's gross domestic product (GDP) grew 2.3% in the first quarter of this year helped by a better performance from the energy sector, official data showed on Saturday, after a 3.9% contraction a year earlier.

OPEC member Algeria's economy relies heavily on oil and gas which account for 9% of its total export revenue and 60% of the state budget, according to Reuters.

The country's oil and gas sector grew 7.5% in the January-March period after a 13.3% contraction a year earlier, figures issued by the National Statistics Bureau showed.

According to figures, Algeria's non-energy sector grew by 1.4% after shrinking 1.2% a year earlier.

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