Algeria posts GDP growth of 2.3 percent in the first quarter

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Algeria’s gross domestic product (GDP) grew 2.3 percent 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 percent contraction a year earlier.

OPEC member Algeria’s economy relies heavily on oil and gas which account for 9 percent of its total export revenue and 60 percent of the state budget.

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

The non-energy sector grew by 1.4 percent after shrinking 1.2 percent a year earlier, the figures showed.

Reuters

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