Algeria posts GDP growth of 2.3% in the first quarter

OPEC member Algeria's economy relies heavily on oil and gas which account for 9% of its total export revenue and 60% of the state budget. The country's oil and gas sector grew 7.5% in the January-March period after a 13.3% contraction a year earlier, figures issued by the National Statistics Bureau showed. The non-energy sector grew by 1.4% after shrinking 1.2% a year earlier, the figures showed.

Algeria's gross domestic product (GDP) grew 2.3% in the first quarter of this year helped by a better performance from the energy sector, official data showed on Saturday, after a 3.9% contraction a year earlier. OPEC member Algeria's economy relies heavily on oil and gas which account for 9% of its total export revenue and 60% of the state budget.

The country's oil and gas sector grew 7.5% in the January-March period after a 13.3% contraction a year earlier, figures issued by the National Statistics Bureau showed. The non-energy sector grew by 1.4% after shrinking by 1.2% a year earlier, the figures showed.