Algeria News, Business News, Economy News, Market News, Natural Gas, New York News, Oil News, Politics News, Real Estate News, Travel News, World News

Algerian economy has grown significantly in the recent years

Algeria’s economy has performed well over the past decade, and often in the shadow of global uncertainty.Economic growth in Algeria is set to remain solid at between 3 to 3.5 percent over the next two years although it faces challenges in high inflation and unemployment, the head of the International Monetary Fund said. IMF Managing Director Christine Lagarde called for a “new awakening” of the private sector to boost Algeria’s economic potential.



New York News: Algerian economy has grown significantly in the recent years and has turned into a market-oriented economy. Seeking to diversify and modernise the economy, the Government has embarked on a huge challenge to attract foreign direct investment through plans and priority initiatives programmed. The Algerian Authorities are using various tools to encourage and facilitate investments in strategic sectors.

Algeria had 159 trillion cubic feet (Tcf) of proven natural gas reserves, the tenth largest natural gas reserves in the world and the second largest in Africa after Nigeria. Algeria’s largest natural gas field is Hassi R’Mel, discovered in 1956. Located in the eastern part of the country, it holds proven reserves of about 85 Tcf, more than half of Algeria’s total proven natural gas reserves. The remainder of Algeria’s natural gas reserves come from associated (they occur alongside crude oil reserves) and non-associated fields in the south and southeast regions of the country.
According to the Oil and Gas Journal (OGJ), Algeria held an estimated 12.2 billion barrels of proven oil reserves as of January 2012, the third largest reserves in Africa (behind Libya and Nigeria). Hassi Messaoud basin, located in the eastern part of the country near the Libyan border, is the country’s largest oil basin and producing oilfield and contains up to 60 percent of Algeria’s proven oil reserves. The Berkine basin, together with the Ourhoud fields, is the second largest in the country and has been the source of a number of recent discoveries, which have allowed Algerian oil production levels to rise significantly since 2003A

North African land of contrasts, Algeria stretches over a 2 381 741 Km2 area. Its 6000 Kilometer long borders run along Tunisia, Libya, Niger, Mali, Mauritania, Western Sahara and Morocco.
In North, the Mediterranean Sea extends over 1200 km of coastline while in the South the extensive desert spreads over nearly two million square kilometers.
After having been neglected during many years, Algeria destination has experienced a renewed interest. This evolution has been marked by the appearance of new products beside the traditional stays of discovery and relaxation, while the Algerian government is setting up a strategy of development for tourism by the year 2015. Algeria has many assets. On the geographical level, four great types of relief following each other from the north to the south of the territory.

Alongside the Mediterranean sea, there is a coast bordered by beaches and coves, prolonged inside by the plain of Tell and its valleys where is concentrated the main part of the arable lands and the principal major cities like Algiers, Oran, and Constantine… there are two East-West directed mountainous chains: the Tellian Atlas formed by the mounts of Tlemcen, Ouarsenis, Titteri, Djurdjura, Babor, Bibans and Edough which culminates in Lalla Khadidja (2, 308m), and the Saharian Atlas with the solid mass of Aurès culminating with the mount of Chelia (2, 328m). In the middle of the Atlas, a zone of semi-desert high plateaus, field of the esparto grass and of breeding and whose profile of a basin explains the presence of shotts (salted lakes) up to 40 meters below sea level, the shott Melhrir.