Macroeconomic Forecast Algeria

Algeria has revised its GDP growth forecast downward to reflect lower demand for natural gas caused by tougher competition from rival producers and the weakness of the global economy. Finance Minister Karim Djoudi stated his belief that growth outside the hydrocarbon sector would help to make up for lower gas demand, but we believe the gap left by lower gas demand will not be an adequate cushion. We forecast real GDP will grow 5.0% y-o-y for 2010.

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