Algerian President Approves Optimistic 2024 Finance Bill, Anticipating Robust Economic Growth

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Algerian President Abdelmadjid Tebboune has given his official approval to the 2024 finance bill, marking a significant step in the country’s economic planning. The approved bill anticipates a robust 4.2% growth in the national economy and has garnered support from both houses of parliament, reflecting a consensus on the economic outlook.

Key sectors such as services, agriculture, construction, public works, and industry are expected to contribute to this positive economic trajectory. The bill emphasizes increased planned spending, allocating a budget of $113.6 billion while estimating public revenues at $67.7 billion. This fiscal framework indicates a proactive approach to economic development and investment.

Algeria’s economic optimism is further underscored by projections for exports reaching $49.8 billion and imports at $43.5 billion, resulting in a projected trade surplus of $6.3 billion for the upcoming fiscal year. These figures highlight a strategic balance in trade dynamics, fostering economic stability.

A notable component of the finance bill is the establishment of the reference price for crude oil, set at $60 per barrel for the period spanning 2024 to 2026. This decision reflects careful consideration of global oil market dynamics and positions Algeria to navigate potential fluctuations in oil prices.

Local analysts have pointed out that the timing of the finance bill aligns with the ongoing recovery of the Algerian economy. Factors such as the upward trend in Brent prices and an expanding trade surplus contribute to a favourable economic landscape. The approved financial framework not only outlines the fiscal roadmap for the year ahead but also signals the government’s commitment to sustained economic growth and resilience.