Algeria will trim spending in its 2015 budget by 1.35 percent as it expects energy earnings to fall 50 percent. (Shutterstock)
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
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.
Also Read
Editor's Choice
-
US, Saudi Arabia agree to civil nuclear deal: Energy Department Saudi Arabia 4 days ago -
Arab nations’ best moments of the 2026 World Cup group stage Sports 29 June ,2026 -
Pezeshkian post confirms accuracy of Al Arabiya English’s US-Iran deal scoop Middle East 18 June ,2026 -
US-led effort to boost Lebanon’s army emerges as key pillar of Hezbollah disarmament Middle East 04 June ,2026