Algeria's GDP growth rate has demonstrated significant fluctuations from 1961 to 2023, with an average annual growth rate of approximately 3.57%. The country witnessed a peak growth of 34.3% in 1963, following its independence and a drastic decline to -19.7% in 1962 due to the impacts of the independence war.
From 2014 to 2024, the GDP growth has been heavily influenced by global oil prices and domestic challenges. After a growth rate of 4.1% in 2014, the economy encountered a downturn, dropping to 1.5% in 2017 as oil prices declined. The COVID-19 pandemic in 2020 severely impacted the economy, leading to a 5% contraction; however, a rebound to 3.8% growth was observed in 2021 as oil prices recovered. More recent figures indicate a growth rate of 4.1% in 2023, reflecting a recovery from 3.6% in 2022. This growth trajectory has been shaped by various factors, particularly the performance of the oil and gas sector, which remains critical to Algeria's resource-driven economy.
Discover more about Algeria's GDP, GDP rank, and key demographics, along with insights into various industries like pet care in Algeria, Algerian travelers, and more, to gain a deeper understanding of the country's economic landscape and sectoral trends.
Explore related charts to gain a better understanding of Algeria’s annual GDP estimates, Algeria’s urbanization rate, industry sector’s share in Algeria’s GDP.
