## Algeria: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Algeria

_IMF Staff Country Reports, June 13, 2018_

## Source details

**Canonical URL:** [Algeria: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Algeria](https://www.imf.org/en/publications/cr/issues/2018/06/13/algeria-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-45986)

## Other formats

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## Bibliographic details
- Published: June 13, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484361702.002

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### Key findings and summary
- Algeria continues to face important challenges posed by the fall in oil prices four years ago.
- Despite a sizeable fiscal consolidation in 2017, the fiscal and current account deficits remain large.
- Real GDP growth slowed sharply, mainly driven by a contraction in hydrocarbon production, although growth in the nonhydrocarbon sector was stable.
- Unemployment increased to 11.7 percent in September 2017 from 10.5 in September 2016 and remains particularly high among the youth and women.
- Average inflation declined from 6.4 percent in 2016 to 5.6 percent owing to slowing inflation for manufactured goods and services, and stood at 3.4 percent year-over-year in April 2018.

### Macroeconomic indicators (as reported)
- Unemployment: 10.5 percent in September 2016; 11.7 percent in September 2017.
- Inflation: 6.4 percent in 2016; 5.6 percent (annual average) in 2017; 3.4 percent year-over-year in April 2018.
- Growth dynamics: Real GDP growth slowed sharply (driven by contraction in hydrocarbon production); nonhydrocarbon sector growth remained stable.
- Fiscal and external balances: Fiscal deficit and current account deficit described as "large" despite fiscal consolidation in 2017.

### Policy-relevant topics and institutional focus
- Subject areas identified: Banking, Central banks, Financial institutions, Fiscal consolidation, Fiscal policy, Oil prices, Prices, Public debt, Quasi-fiscal operations, State-owned banks.
- Keywords provided: central bank financing, CR, deficit, exchange rate depreciation, exchange regime, Fiscal consolidation, Global, IMF staff estimate, ISCR, NHC deficit, Oil prices, Policy, Quasi-fiscal operations, State-owned banks.

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## Content in this bundle

- **Country Report**
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_Source: https://www.imf.org/en/publications/cr/issues/2018/06/13/algeria-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-45986_