The lower-middle income group dominates Algerian Economy. The economy of Algeria is determined mainly by its political structure. The GDP of Algeria was 40% during the sixties, reaching a height of 53.8% through the seventies, but unfortunately it slashed down to a paltry 9.7% during the eighties when the country was faced with an exigency due to the civil strife.
Prior to this Algeria had a diversified economy. But post strife they faced a steady collapse of the flourishing economy. The Algiers is suffering from the burden of foreign debt and has gone into a pact with the IMF in April 1994. Post this pact the economy of Algeria has again seen a growth, which has aided to improve the standard of living in the country.
Algerian Economy And Agriculture
A quarter of the population is engaged in agriculture in Algeria. The Algerian soil is known around the world for its fertility. Algeria exports a major chunk of its crop production to various countries around the world.
More than 30,000 sq kilometers of land is devoted to agricultural production. The major produce consists of wheat, barley and oats. Apart from these a huge variety of vegetables and citrus fruits are also produced. Algeria happens to be the largest oat market in Africa.
Algerian Economy And Industries
In the industrial sector Algeria scores quite high. It produces the largest variety of wine, as the soil is favorable for the growth of vineyards. Fishing is a minor industry in Algeria. Algeria is a storehouse of minerals, which happens to be a major Algerian industry. The country also earns a lot of revenue from exporting goods and has tie-ups with France and Italy for the inflow of goods.
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Source: World Bank
|Last Updated on : 16th March 2015||Next Update : February 2016|