President Tebboune Announces 3.9% Economic Growth

President Abdelmadjid Tebboune confirmed that the Algerian economy achieved a 3.9% growth rate, noting that the national industry has increased its contribution to the national income to 10%, up from a previous figure of no more than 3%. Speaking to economic operators, President Tebboune highlighted that Algeria has made progress across several economic and production indicators, emphasizing the nation's transition from a managed economy to a free market model while preserving the state's social role.

This transformation is aimed at developing economic activity and bolstering national production, a shift that has significantly altered the economic landscape compared to 2020. As part of these efforts, the import bill has been reduced to $42 billion, a substantial decrease from the previous $62 billion. Furthermore, Algeria has not imported gasoline since 2023 and now possesses kerosene reserves that position the country for export.

Looking ahead, the Hassi Messaoud refinery is expected to reach full production by 2027, ensuring complete self-sufficiency in diesel. In the pharmaceutical sector, Algeria now produces 84% of its medication needs, a significant increase from just 10% a decade ago, marking a notable transformation within the national industry.