ECONOMY

Algeria trims spending as sees energy revenues down 50 pct this year

Algeria will trim spending in its 2015 budget by 1.35 percent as it expects energy earnings to fall 50 percent. (Shutterstock)

Algeria will trim spending in its 2015 budget by 1.35 percent as it expects energy earnings to fall 50 percent due to a slump in oil prices, the government said on Thursday.

Oil and gas account for 95 percent of Algeria's exports and energy revenues make up 60 percent of the budget.

The government expects economic growth outside the hydrocarbon sector to reach 5.1 percent, unchanged from an initial forecast announced early this year, the cabinet said in a statement.

Inflation is expected to be 4 percent in 2015, up from the 3 percent initially expected, it said. The budget is now based on an oil price of $60 a barrel, much lower than the $90 initially anticipated.
 

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Last Update: Thursday, 23 July 2015 KSA 13:35 - GMT 10:35
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Algeria trims spending as sees energy revenues down 50 pct this year
Oil and gas account for 95 percent of Algeria's exports and energy revenues make up 60 percent of the budget
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