Algeria recovered its Gross Domestic Product (GDP) growth to pre-pandemic levels in the fourth quarter of 2021, driven by increased production and exports of hydrocarbon resources, according to a new report by the World Bank entitled ‘Strengthening resilience in favorable times’ which analyzes the country’s economic growth.
While factors such as a decline in job creation, agricultural and manufacturing activities negatively impacted Algeria’s economy, the continued increase in oil and gas prices at a global scale enabled the north African country to stabilize its foreign currency reserves and offset budget deficit in various sectors of the economy. The report states that revenues from exporting hydrocarbon resources in Algeria increased by 36%.
