Algiers — The fall of oil prices from 2014 "has not slowed the development pace" of Algeria, despite the loss of 70% its revenues, said the document on the Declaration of the Government's General Policy.
"The decline in the oil prices started in 2014, peaking in 2016. The situation has slightly improved since then. Likewise in several oil producing countries, Algeria lost 70% of its revenues during the crisis. However, this external shock has not blocked the country's development pace," said the document.
Presenting the main economic performances, the same source said that the GDP increased from $160 billion in 2016 to $168 billion in 2017 and it is projected to stand at $184 billion in 2018.
The document also said that growth, which was 3.2% in 2016, fell in 2017 to 1.4% and will recover in 2018 to reach 2.2%.
Algeria's growth has been made "modest", because of the decline in the hydrocarbons sector. For the minus hydrocarbon growth, it hit 2.2% in 2017 and is expected to reach 3.4% in 2018, the document added.
==Investments: "Significant progress "==
Referring to the performances of the major economic sectors, the document cited the industry in which the public authorities have implemented a battery of measures to improve the investment climate.
Under those measures, investment "has significantly progressed". Besides the national large scale projects, "the National Investment Agency (ANDI) registered a large flow of projects initiated by investors in various sectors, namely the agri-food, electronic, building materials and iron and steel products industries."
Exports of industrial products are gradually multiplying, boosted by the public authorities.
The government has now to mobilize the operators community willing to embark on export activities, in its both sections of export and sea transport or air freight."
Concerning the mining sector, the Government document said the exploitation of phosphate mines has recently "restarted" with Bled El Hedba project (the eastern city of Tebessa), which will increase phosphate production and help the emergence of a true fertilizer industry in the east of the country.
With regard to the Gara Djebilet deposit (Tindouf), laboratory tests and contacts with partners are under way, "bringing us closer to its development over the next decade".
In the energy field, the national oil company Sonatrach updated its hydrocarbons outlook by 2030, said the document.
This approach is driven by a "resolute will" to multiply the prospection and the development of all onshore and offshore, conventional and unconventional hydrocarbon potentials.
This approach will help double annual volumes of findings, which would offset the decline of existing reserves. In addition, oil and gas fields are undergoing a sustained upgrade, which explains the current 13% decline in oil production, the document added.
The company Sonatrach has also embarked on a strategy of increasing hydrocarbon processing (local and international development of crude oil refining capacities, development of petrochemicals, such as the new polypropylene production complex in Arzew).
Moreover, it started the renegotiation of gas export contracts with its foreign customers, while a draft revision of the Hydrocarbons Law is being prepared to improve our country's position in terms of the exploration and exploitation of this national wealth.
As for renewable energies, the document said that a call for tenders was launched for the production of 150 megawatts of photovoltaic electricity. Another 150 megawatts will be produced by the public companies of the sector.
In 2017, five installations with a total capacity of 125 megawatts (Msila, Ouargla, Djelfa, Laghouat and Batna) were commissioned.
In addition, Sonatrach, which already produces photovoltaic electricity for its own fields, has been asked by the government to take leadership in the production of photovoltaic electricity as well as in the creation of an industrial environment in this field and this by mobilizing renowned foreign partners.
With these combined actions, 4,500 megawatts will be generated over the next five years, said the document.