Algeria has achieved a historic milestone in its economic growth as non-oil exports exceeded $6 billion during the period between January and November, according to EX Trade Minister Kamal Rizigue. This achievement marks the highest level in the country’s history since gaining independence from France in 1962. Minister Rizigue made the announcement during the inauguration of the Algerian Production Exhibition, wase held in the capital last December
Ex Minister Rizigue attributed this remarkable accomplishment to the substantial growth witnessed in various local industrial sectors, as well as the exceptional quality of exported products. However, specific details regarding the sectors contributing to this success were not provided.
Furthermore, the Algerian government aims to build upon this achievement and has set an ambitious target of doubling the non-hydrocarbon exports figure to $15 billion by the end of year 2023.
Riad Beladi, an ISN analyst and a knowledgeable observer of the Algerian economy, shared his perspective on the government’s endeavors to achieve the target of $15 billion in non-oil exports. Beladi stated that this objective is a challenging undertaking and expressed his belief that the current efforts by the government fall short of what is necessary to reach this goal.
Algeria’s economy has long grappled with excessive reliance on revenues generated from oil and gas exports, which account for approximately 90 percent of the country’s foreign exchange earnings, as per official data.
To diversify its revenue sources, the government is actively working to expand the scope of non-oil exports. The projected revenues from oil and gas exports are expected to surpass $50 billion by the end of this year, a significant increase from the $35 billion recorded last year