Lower Gas Production Dragging On Growth

Despite experiencing an uptick in public unrest since the start of the year, we believe Algeria will weather this political crisis relatively well, with economic growth remaining steady in 2011 and beyond. However, technical difficulties in the hydrocarbon sector have led our Oil and Gas team to revise down their production forecasts, which led to a downward revision to our real GDP growth projections to 2.9% from 4.2% previously.

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