Algeria’s economic growth slows in Q3
According to latest data released by the country’s official statistics bureau, Algeria’s energy sector grew 7.7% in the third quarter on the back of higher output in 2016 and slightly recovering oil markets. The oil sector had contracted 1.4% in the same period in 2015 in line with the significant declines in crude oil prices, which resulted in spending cuts and suspension of some infrastructure investment projects in the energy sector.
The latest data showed that the country’s non-energy sector expanded 2.3%, slower than the growth of 5.4% a year earlier while the industrial growth slowed to 2.8% from 4.5% in the third quarter of 2015. In addition, Algeria’s agricultural growth weakened to 4.7% from 7.2% a year earlier and services sector growth also slowed to 3.9% when compared to 5% in the same period of 2015.
For the full-year of 2016, the Algerian government expects the economy to grow by 3.5%, compared with 3.9% in 2015.
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