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Algerian British Business Council 29-01-2019

Monday - 29 / January / 2018

 

Monday 29th January 2018

 

Welcome to the latest Edition of the ABBC Business News Digest.

Please find here the latest business news and opportunities in Algeria.

 

 

 

ABBC Secretariat

ALGERIA: Economic Outlook for 2018: AfDB optimistic for Algeria

20/01/2018

The African Development Bank (AfDB) forecasts, in its economic outlook for the current year, GDP growth in Algeria of 3.5% in 2018 and 3.9% in 2019 and lower inflation to 4.5% in 2018 and 4% in 2019 against 5.3% in 2017. The projections of ADB experts announce a return of growth in Algeria to a level comparable to those before 2017 thanks to efforts to consolidate public spending, rebalancing external accounts, continuing the recovery of the hydrocarbon sector and boosting public investment. The ADB notes, that even though its impact on the real sector has been limited, the decline in oil prices has affected Algeria’s public and external accounts since 2014, with the consequent depletion of fiscal savings and decline in the stock of foreign currencies- US $97 billion at end of 2017 against US $179 billion in 2014. Read more.

ALGERIA: Foreign trade; 2017 ended with a deficit of about 11 billion USD

21/01/2018

Algiers- Algeria’s trade deficit fell to $11.19 billion at the end of 2017, compared to a deficit of $17.06 billion in 2016, a decrease of $5.87 billion or of 34.4%, learned the APS from Customs. Exports increased sharply to US $34.76 billion in 2017 from US $30.02 billion in 2016, up US $4.74 billion (+15.8%), according to data from Computer Science and Customs Statistics (CNIS). Regarding imports, they fell to 45.95 billion dollars against 47.08 billion dollars, down 1.13 billion dollars (-2.4%), said the same source. As for the rate of coverage of imports by exports, it rose to 76% in 2017 against 64% in 2016. Hydrocarbons continued to account for the bulk of Algerian sales abroad in 2017 (94.54% of the total volume of exports)…Read more.

ALGERIA: National energy strategy able to reduce dependence on hydrocarbons

19/01/2018

Alger- the Minister of the Environment and Renewable Energies, Fatma-Zohra Zerouati, affirmed Friday in Algiers that the national energy strategy, oriented towards the promotion of renewable energies, is able to reduce Algeria’s dependence on hydrocarbons. Speaking at a lively panel at the conference and exhibition on the energy transition, closed Friday at the Exhibition Centre (Safex), Ms. Zerouati said that Algeria was resolutely oriented towards the development of an energy strategy enabling it to be a dynamic energy player by promoting the use of energy resources other than hydrocarbons. In this sense, it highlighted the great importance given by the public authorities to the development of renewable energies, by devoting a specific national program involving both the private and public sectors, as well as foreign partners, holders of knowledge and technologies. Read more.

ALGERIA:Algeria aims to develop shale gas despite challenges

23/01/2018

Algeria ranks 3rd globally after China and Argentina in technically recoverable shale gas reserves with 20 Tcm, according to the US Energy Information Administration. Developing abundant shale gas has become a necessity for Algeria to reverse its declining domestic natural gas production and safeguard its economy. Local gas demand is expected to rise rapidly due to continued population growth. In the decade to 2014, domestic gas consumption has more than tripled. On top of that, the Algerian Electricity and Gas Regulation Commission projects domestic gas consumption will grow to another 50% to 50 Bcm by 2020. Algeria is considered one of the main reliable gas suppliers to Europe through three trans-Mediterranean pipelines. The country’s gas exports to Europe increased slightly in 2017 to 55 Bcm compared to 54 Bcm in 2016, according to Sonatrach CEO Abdelmoumen Ould Kaddour. Read more.

ALGERIA: Economic benchmarks: Energy transition- some observations

22/01/2018

For many years, we have regularly mentioned the problem of the energy transition in our country. But the debate is accelerating with new issues due to rapid technological and geopolitical changes occurring in the world. On the whole, national experts produce reflections and recommendations that are not far apart. We have proven expertise in this area and their observations are relevant. On the other hand, energy data is much less problematic than the available macroeconomic indicators which makes the analysis much easier. The energy transition is one of the most recurring themes in seminars and conferences. Normal! The survival of the national economy and the well-being of the population in general are at stake. Read more.

ALGERIA: AfDB calls for ‘bold’ government action plan; positive ratings, but uncertainties persist.

22/01/2018

The upward revisions to growth in Algeria follow one another. After the good ratings of the World Bank (WB) and the positive outlook of the consulting firm Oxford Business Group (OGB), it is the turn of the African Development Bank (AfDB) to count on a return of growth in Algeria for 2018 and 2019. Projections explained in the three reports by the recovery of the energy sector in 2017. This dependence leaves the country still exposed to external shocks. In its latest report on the African Economic Outlook, published on January 17 in Abidjan (Côte d'Ivoire), the AfDB forecasts a return to growth in 2018 in Algeria at a level comparable to that of last year. Projections for 2018 are thus around 3.5% and 3.8% in 2019. Read more.

ALGERIA: The organization of importation aims at the protection of the national product

23/01/2018

ALGER - Trade Minister Mohamed Benmeradi said here Monday that the organization of the import was aimed at protecting the national economy and encouraging local industry. During a meeting with the members of the Finance and Budget Committee of the National People's Congress (NPC), devoted to the examination of the evaluation report of the Court of Auditors on the draft bill Budget 2015, the minister specified that the intervention of the State in foreign trade is an obligation imposed by the Constitution for the protection of the national economy and the encouragement of the local industry. Read more.

ALGERIA: Algeria’s energy earnings up 16.5% in 2017- customs

23/01/2018

Algeria’s energy earnings, the main source of the state’s finances, rose 16.45% in 2017, helping to reduce the trade deficit by 34.4%, according to official figures reviewed by Reuters on Monday. The decline in the deficit pushed up the coverage of imports by exports to 76%, against 64% in 2016, customs data showed. Oil and gas exports, which accounted for 94.54% of total exports, stood at $32.86 billion in 2017, up from $28.22 billion the previous year. The value of overall exports reached $34.76 billion, a 15.8% rise from 2016, while imports declined by 2.4% to $45.95 billion. Fuel was among the main products imported last year, with its cost climbing by 23% to $2 billion from $1.61 billion in 2016. Read more.

ALGERIA: Inflation: A rate of 5.6% in 2017

24/01/2018

The annual change in consumer prices in 2017 was 5.6% compared to 2016, said the National Office of Statistics (ONS), in figures taken yesterday by the APS. This annual change represents that of the consumer price index over the twelve months of 2017, compared to the same period of 2016. As for consumer prices recorded in December 2017, compared to December 2016, they experienced growth of 4.9%, notes the same source. As a reminder, the annual change in consumer prices was 6.4% in 2016 compared to 2015. In addition, consumer prices were 7% in December 2016 compared to December 2015. Regarding monthly change in consumer prices, which is the evolution of the index for the month of December 2017 compared to that of November 2017, it was 0.3%. Read more.

ALGERIA: Measures to reduce deficits- IMF advises Algeria to go moderately

23/01/2018

The International Monetary Fund (IMF) recommends that Algeria reduce deficits at a moderate pace. This is reflected in the note of conjuncture of this financial institution which puts in the spotlight, the evolution of the economic situation in the countries of the MENA region (Middle East and North Africa). The institution of Bretton Woods believes that in countries where the state has significant room for manoeuvre, as in Algeria or the Gulf, governments can moderate the pace of reforms contributing to the reduction of deficits. The IMF warns, however, that the current improvement in the state of the public accounts in some countries should not allude to. It is to be attributed to a thinning that benefits the global oil market. In this first economic outlook this year, the IMF urges MENA states, especially oil-exporting countries, not to take a step back on some structural reforms. Read more.

ALGERIA: Oxford Business Group (OGB) highlights Algeria’s efforts to strengthen its economy

24/01/2018

By Djamil Mesrer. Algeria's multiple efforts to diversify its economy in the face of changing market conditions, marked by low oil prices, are described in a report produced by consulting firm and business intelligence Oxford Business Group (OBG). The launch of '' The Report: Algeria 2017 '' was held at the Algerian Chamber of Commerce and Industry in Algiers on January 24, in the presence of representatives of the public and private sectors. Various experts shared their points of view on the latest developments in the Algerian economy, among them Samy Laghouati, partner at Gide Loyrette Nouel Algeria, Samir Hadj Ali, associate director at Mazars Algeria and Lazhar Sahbani, partner at PwC Algeria. This report discusses the growing contribution of the private sector to Algeria's development, in particular the role of small and medium-sized enterprises (SMEs), supported by new policy measures.

 

 

 

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