According to Algeria’s Finance Minister Abdelatif Benachou, the country’s economy will grow by more than 5.1% in 2004. The driver behind Algeria’s growth is its exporting of oil and gas. “I do not have the figure for the first quarter, but I can tell you that we are going to go beyond 5.1 percent (GDP growth) this year,” Benachnou told members of the French Chamber of Commerce.

In 2003, Algeria’s economy expanded sharply on the back of higher oil prices, greater oil and gas exports and a successful cereals harvest. It was also helped by a state-spurred construction sector boom. The country has seen a rebound in the economy over recent years due to heavy spending by the public sector and aggressive investments to boost oil and gas production capacity bear fruit.

Energy revenues, coming mostly from gas exports, exceeded $24 billion last year and helped Algeria expand its foreign exchange reserves to some $33 billion. They stood at around $4 billion in 1999. The energy sector represents almost 95% of the country’s annual exports.