CHAPTER FOUR: ECONOMIC GOVERNANCE AND MANAGEMENT
450.
The huge economic programmes launched in 2001 and 2005 aimed to prepare
the ground for the country to become one of the newly emerging markets and
were instrumental in this transition. The CRM was not able to obtain important
information, such as the underlying assumptions and the indicators used as
benchmarks for defining the criteria for resource allocation in the various
sectors and different expenditures in the case of similar budget lines; concerted
requests from social entities and corporate bodies that make up these sectors;
the expected impact on local know-how and on productivity and competition;
and, in general, the overall coherence of these fund allocations. This approach
means one could either qualify or challenge possible criticism of the empirical
choices made in the face of the country‟s countless needs, by a developing
country that suddenly finds itself with surplus income, income that is derived
from a non-renewable natural resource. Every time it is used, the resource
must contribute to creating other resources that can be used to replace it within
a timeframe to be determined.
Table 2: Main socio-economic indicators
2001
2002
2003
2004
2005
2006
2.7
4.8
6.9
5.2
5.3
1.8
GDP (US$ bn)
54.8
55.1
57.1
68.1
85.0
102.2
Per capita GNP (US$)
1.787
1.819
2.136
2.627
3.097
Trade balance (US$ bn)
9.61
6.70
11.11
14.27
26.47
Current account (US$ bn)
7.06
4.36
8.81
11.12
21.18
Total balance of payments (US$ bn)
6.32
3.65
7.44
9.25
16.95
17.9
Gross reserves (US$ bn)
18.0
23.1
32.9
43.1
56.2
77.4
Gross reserves minus imports
14.9
17.0
18.1
21.0
25.7
36.7
Outstanding foreign debts (US$ bn)
22.7
22.6
23.4
21.8
17.2
5.0
4.6
4.5
4.7
6.0
6.3
2.7
Outstanding foreign debts/GDP (%)
41.1
39.7
34.3
25.7
16.8
5.0
Outstanding foreign debts/Exports
113.5
113.2
89.7
64.0
35.2
8.7
Service on foreign debts/GDP (%)
22.8
22.6
17.9
13.0
8.4
4.6
Service on foreign debts/Exports (%)
22.8
22.6
17.9
17.6
12.5
Overall treasury balance (DA bn)
55.2
-16.1
-10.3
-187.3
-472.2
-705.6
Average exchange rate (US$/DA)
77.2
79.7
77.4
72.1
73.4
72.6
Average exchange rate (Euro/DA)
69.2034
75.3015
87.4291
89.6198
91.3179
91.2
4.2
1.4
2.6
3.6
1.6
2.2
27.3
25.7
23.7
17.7
15.4
12.3
GDP growth rate (%)
Service on foreign debts (US$ bn)
Consumer price index
Unemployment rate (%)
Source: Bureau of National Statistics (ONS) – Delegate for Planning, Ministry of Finance, Central Bank
of Algeria.
144
34.3
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