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19/07/2017 - 20:17hs

Algeria’s GDP increased 3.7% in Q1

The performance is attributed to the oil industry, which registered 7.1% growth in the same period. The country increased output and benefited from a higher average oil price.

Algiers – Algeria’s Growth Domestic Product (GDP) rose 3.7% in Q1 of 2017 in comparison to the same period of 2016 in real terms, according to information published this Wednesday (19) by news agency Algérie Presse Service (APS). In the first three months of last year, the country’s economy had grown 3.9% over the January-to-March period of 2015. The data is from the National Statistics Office (ONS, in the French acronym).

According to ONS, it was a “significant” growth, attributed to a recovery by the oil, gas and products industry, which registered an increase of 7.1% in Q1 of this year, against 2.6% in Q1 2016. The oil price in the international markets was, on average, higher in January to March of 2017 than in the same period of last year.

The output of oil, gas and products went up 2.5% from January to March of 2017. According to APS, extraction of crude oil and natural gas expanded for the fourth consecutive quarter. If considered only the primary activities, refining not included, the growth reached 3.6%;

The refining of crude oil increased 2.3% in Q1 of this year, after two consecutive declines. Gas liquefaction, however, dropped 2.2% in the period. Natural gas is liquefied for the export in ships.

Meanwhile, agricultural activities grew 3% from January to March, against 4.8% in the same period of last year. This performance, added to other non-oil sectors resulted in an improvement of 2.8% in Q1 2017, against 4% a year before.

The GDP in current values, that is, the nominal GDP, with being inflation-adjusted, went up 13.1% in Q1, against a drop of 0.4% in the first three months of last year. In this sense, the increase in the general price index in the period reached 9.1%, against a decline of 4.2% registered in Q1 2016.

Algeria’s Finance Law for 2017 forecasts a 3.9% growth for the country’s economy in the year.

*Translated by Sérgio Kakitani

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