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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
Algeria's GDP growth rate has demonstrated significant fluctuations from 1961 to 2023, with an average annual growth rate of approximately 3.57%. The country witnessed a peak growth of 34.3% in 1963, following its independence and a drastic decline to -19.7% in 1962 due to the impacts of the independence war.
From 2014 to 2024, the GDP growth has been heavily influenced by global oil prices and domestic challenges. After a growth rate of 4.1% in 2014, the economy encountered a downturn, dropping to 1.5% in 2017 as oil prices declined. The COVID-19 pandemic in 2020 severely impacted the economy, leading to a 5% contraction; however, a rebound to 3.8% growth was observed in 2021 as oil prices recovered. More recent figures indicate a growth rate of 4.1% in 2023, reflecting a recovery from 3.6% in 2022. This growth trajectory has been shaped by various factors, particularly the performance of the oil and gas sector, which remains critical to Algeria's resource-driven economy.
Discover more about Algeria's GDP, GDP rank, and key demographics, along with insights into various industries like pet care in Algeria, Algerian travelers, and more, to gain a deeper understanding of the country's economic landscape and sectoral trends.
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