Macroeconomic Forecast Algeria

We forecast Algeria's budget deficit to contract further in 2011 and come in at a 3.6% of GDP, from 4.3% in the previous year. With revenues from exporting hydrocarbons accounting for 75% of the total, combined with our positive outlook for global oil prices, we forecast revenue growth to outpace that of expenditure and carry on with the narrowing of the fiscal gap. We expect this trend to continue and project the fiscal balance to flip into the positive territory in 2013, expanding the surplus from then on to rich 2.7% of GDP by

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