Algeria's external debt plummet to 5.5 billion dollars, report says

The annual assessment report worked out by the Bank of Algeria on the country's economic performance reveals that the expenses of the Public Treasury in terms of salaries represent a limited rate of the gross domestic product (GDP) compared to the overall wage bill of Algeria's neighbours, namely Tunisia and Morocco.   

• This annual report which will be expounded tomorrow by the Bank’s Governor Mohamed Laksasi before the MP’s of the national popular assembly, shows that the GDP rate spent in salaries for nearly 2 million Algerians, including 1.6 civil servants, has been set at 12.1%.
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• This rate is, in fact, far lower than those recorded by our Tunisian and Moroccan neighbours.
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• The rate set for the GDP’s wage bill in Tunisia is estimated at 30% and 20% in Morocco.
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• Furthermore, Algeria’s global gross domestic product witnessed a hike of 18.1% in 2008 that is an additional financial package of 687.6 billion dinars.
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• However, the wage bill did not increase during that period.
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• The building and public works sector witnessed a development rate of 9.8% followed by the sector of services (8.4%) and by the industrial sector (4.4%).
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• For its part, the Algerian agricultural sector recorded its worst development rate over the past 8 years with just 5.3%.
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• The sector of hydrocarbons was the hardest-hit in terms of revenues on account of the volatility of the international oil market.
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• The assessment report also states that the wholesale prices of fruits and vegetables increased by 16.9% and those of agricultural products by 4.1%.
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• This entailed a hike in the inflation rate of 4.4%, a rate regarded as the highest since the year 2004.
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