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"Despite the persistence of geopolitical tensions and disruptions in the hydrocarbon market, the performance of the Algerian economy remains generally appreciable in 2023, particularly in terms of exports and State revenues. This evolution of the economic situation, driven by the improvement in international trade conditions, has helped to mitigate inflationary pressures by the end of 2023," the banking institution stressed in its report published on its official website.

In this regard, the Central Bank listed the performances recorded in 2023, including the "strong" slowdown in inflation, the "appreciable" GDP growth rate, the balance of payments surpluses, the "increased" accumulation of foreign exchange reserves, the "appreciable" growth of credits to the economy and the solidity of the banking sector.

These are "so many indicators that testify to the good results of the national economy in 2023," it underlined in its report on the evolution of the main economic, monetary and financial indicators of the national economy, as well as the measures taken by the Bank of Algeria in the financial sector.

As regards the economic activity, it recorded appreciable growth rates in 2021, 2022 and 2023, respectively, of 3.8%, 3.6% and 4.1%, after the sharp recession experienced in 2020 (-5%) in the full context of the global Covid-19 pandemic, the document recalled.

The real growth rate recorded in 2023 is the highest of the entire 2015-2023 period, the financial institution also noted, stating that this acceleration in the pace of growth is mainly due to the extractive industries sector, which recorded growth of 4.8% in 2023, compared to a contraction of 5.1% previously.

The contribution of the construction sector was also highlighted, with a growth rate of 3.7% and representing a share in GDP of 12.9% in 2023, compared to 12% in 2022.

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