Oil and gas account for 95 per cent of Algeria's exports
Algeria trims spending; oil revenues down 50pc
ALGIERS, July 23, 2015
Algeria will trim spending in its 2015 budget by 1.35 per cent as it expects energy earnings to fall 50 per cent due to a slump in oil prices, the government said.
Oil and gas account for 95 per cent of Algeria's exports and energy revenues make up 60 per cent of the budget.
The government expects economic growth outside the hydrocarbon sector to reach 5.1 per cent, unchanged from an initial forecast announced early this year, the cabinet said in a statement.
Inflation is expected to be 4 per cent in 2015, up from the 3 per cent initially expected, it said. The budget is now based on an oil price of $60 a barrel, much lower than the $90 initially anticipated. --Reuters
