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Algeria posts GDP growth of 2.3% in the first quarter

Two orkers seen walking at the gas plant in In Amenas, Algeria on January 16, 2018 [RYAD KRAMDI/AFP via Getty Images]
Two workers seen walking at the gas plant in In Amenas, Algeria on January 16, 2018 [RYAD KRAMDI/AFP via Getty Images]

Algeria's gross domestic product (GDP) grew 2.3% 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% contraction a year earlier, reports Reuters.

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

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

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

READ: Algeria's public debt rises to 45% of GDP, economy 'delicate'

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AfricaAlgeriaInternational OrganisationsNewsOPEC
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