Economy (Algeria)
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     Overview:
         The oil and natural gas sector forms the backbone of the economy. Algeria
         depends on hydrocarbons for nearly all of its export receipts, about 30% of
         government revenues, and nearly 25% of GDP. In 1973-74 the sharp increase in
         oil prices led to a booming economy and helped to finance an ambitious
         program of industrialization. Plunging oil and gas prices, combined with the
         mismanagement of Algeria's highly centralized economy, has brought the
         nation to its most serious social and economic crisis since independence in
         1988. The government has promised far-reaching reforms, including
         privatization of some public- sector companies, encouraging private-sector
         activity, boosting gas and nonhydrocarbon exports, and proposing a major
         overhaul of the banking and financial systems, but to date it has made only
         limited progress.
     GDP:
         exchange rate conversion - $54 billion, per capita $2,130; real growth rate
         2.5% (1990 est.)
     Inflation rate (consumer prices):
         30% (1991 est.)
     Unemployment rate:
         30% (1991 est.)
     Budget:
         revenues $16.7 billion; expenditures $17.3 billion, including capital
         expenditures of $6.6 billion (1990 est.)
     Exports:
         $11.7 billion (f.o.b., 1991 est.)
       commodities:
         petroleum and natural gas 97%
       partners:
         Netherlands, Czechoslovakia, Romania, Italy, France, US
     Imports:
         $9 billion (f.o.b., 1991 est.)
       commodities:
         capital goods 29%, consumer goods 30%
       partners:
         France 25%, Italy 8%, FRG 8%, US 6-7%
     External debt:
         $26.4 billion
     Industrial production:
         growth rate --3% (1989 est.); accounts for 30% of GDP, including petroleum
     Electricity:
         6,380,000 kW capacity; 16,700 million kWh produced, 640 kWh per capita
         (1991)
     Industries:
         petroleum, light industries, natural gas, mining, electrical, petrochemical,
         food processing
     Agriculture:
         accounts for 11% of GDP and employs 24% of labor force; net importer of food
         - grain, vegetable oil, and sugar; farm production includes wheat, barley,
         oats, grapes, olives, citrus, fruits, sheep, and cattle
     Economic aid:
         US commitments, including Ex-Im (FY70-85), $1.4 billion; Western (non-US)
         countries, ODA and OOF bilateral commitments (1970-89), $925 million; OPEC
         bilateral aid (1979-89), $1.8 billion; Communist countries (1970-89), $2.7
         billion; net official disbursements (1985-89), --$375 million
     Currency:
         Algerian dinar (plural - dinars); 1 Algerian dinar (DA) = 100 centimes
     Exchange rates:
         Algerian dinars (DA) per US$1 - 21.862 (January 1992), 18.473 (1991), 8.958
         (1990), 7.6086 (1989), 5.9148 (1988), 4.8497 (1987)