September 25, 2019 / 9:48 PM / 2 months ago

Algeria sees 1.8% GDP growth in 2020 vs 2.6% forecast this year

ALGIERS, Sept 25 (Reuters) - Algeria expects its economy to grow by 1.8% in 2020, the government said after a meeting on Wednesday, lower than the 2.6% projected for this year.

OPEC member Algeria relies heavily on oil and gas, and its attempts to diversify the economy have failed due to bureaucracy and an unattractive investment climate.

The situation has been deteriorating further due to budget and trade deficits caused by a fall in energy earnings which account for 60% of the state budget and 94% of total export revenue.

Those deficits added to a political crisis which created uncertainties for both foreign and national investors.

“We need to maintain a stable growth,” a statement quoted Prime Minister Noureddine Bedoui as saying at Wednesday’s meeting. (Reporting by Hamid Ould Ahmed; Editing by Lisa Shumaker)

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