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Algeria approves 2024 budget bill with 4.2 pct growth forecast

Algerian President Abdelmadjid Tebboune has signed the 2024 finance bill into law that forecasts 4.2-percent growth in the national economy, the state-owned APS news agency reported.

The bill, adopted by the two houses of parliament early this month, made the growth forecast based on the performances across sectors, notably services, agriculture, building and public works, and industry, it reported.

It expects a sharp increase in expenditure budget to reach 113.6 billion U.S. dollars in fiscal 2024 at the current exchange rate, while public revenues are expected to reach 67.7 billion dollars.

Algeria anticipated exports worth 49.8 billion dollars and imports totaling 43.5 billion dollars in 2024, projecting a trade surplus of 6.3 billion dollars next fiscal year.

The country has set the reference price for crude oil at 60 U.S. dollars a barrel through 2024-2026, said the report.

Local observers noted that the bill arrives amid the Algerian economy’s recovery due to increased Brent prices and a burgeoning trade surplus. ■

Famagusta Gazette