$400 Billion GDP, 4.02% Economic Growth Projected by Tebboune
President Abdelmadjid Tebboune has projected Algeria's Gross Domestic Product to reach $400 billion by the end of 2026 or early 2027. During his periodic interview with the national press, broadcast Saturday evening, President Tebboune also forecast an annual economic growth rate between 4.01% and 4.02%. This surpasses the 3.8% growth rate anticipated by the International Monetary Fund for the current year, according to its latest report.
The head of state attributed these optimistic projections to the dynamic environment of investment, noting thousands of projects currently underway across the nation. He also highlighted the strategic valorization of potential within multiple economic sectors. President Tebboune emphasized that Algeria's growth rate places it among the highest in the Mediterranean region, outperforming certain European countries. He further explained that these estimates are based on national studies, suggesting that international financial institutions may not possess comprehensive data on the Algerian economy.
Beyond GDP and growth, President Tebboune outlined plans to ensure a stable annual income of at least $50 billion from ongoing projects. These initiatives span various industries, including the automotive sector, mining, the integration of iron into national industries, and the production of electronic chips for locally manufactured electrical and household appliances. He affirmed the continued importance of hydrocarbons, citing ongoing oil exploration efforts and initiatives to attract major international companies. Industry is also identified as a crucial lever for the national economy.
Addressing national financial stability, President Tebboune stated that Algeria's foreign exchange reserves are expected to remain at an acceptable level until at least 2031. This stability, he explained, will be supported by measures aimed at regulating imports, citing the example of school supplies, which were once largely imported but are now increasingly sourced domestically. This approach seeks to reduce the overall import bill, contributing to the preservation of national reserves.
