AfDB forecasts Algeria’s GDP to grow by 4.0% in ’24, 3.7% in ’25

The African Development Bank (AfDB) forecasts Algeria’s gross domestic product (GDP) would grow by 4.0 per cent in 2024 and 3.7 per cent in 2025. The upcoming African Development Bank Group’s Country Report 2024 credits this growth to robust performance in the oil and gas, industrial, construction, and services sectors.

Lassaad Lachaal, AfDB’s Country Manager for Algeria, noted, “For Algeria, the reform of the global financial architecture is an opportunity to position itself as a donor country to support progress towards the development programmes of other African countries.”

Despite recent growth, the report, which will be officially presented in Algiers in mid-September, however underscores that Algeria must implement further reforms to accelerate its economic transformation. It also emphasises the need for additional resources to bolster climate protection and green growth initiatives.

Attribution: AfDB statement

Sub-Editing: Y.Yasser