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Algeria Posts GDP Growth of 2.3% In the First Quarter

Demonstrators wearing national flags walk past a street vendor during a protest demanding a change of the power structure in Algiers, Algeria January 24, 2020. (Reuters)
Demonstrators wearing national flags walk past a street vendor during a protest demanding a change of the power structure in Algiers, Algeria January 24, 2020. (Reuters)
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Algeria Posts GDP Growth of 2.3% In the First Quarter

Demonstrators wearing national flags walk past a street vendor during a protest demanding a change of the power structure in Algiers, Algeria January 24, 2020. (Reuters)
Demonstrators wearing national flags walk past a street vendor during a protest demanding a change of the power structure in Algiers, Algeria January 24, 2020. (Reuters)

Algeria's gross domestic product (GDP) grew 2.3% in the first quarter of this year helped by a better performance from the energy sector, official data showed on Saturday, after a 3.9% contraction a year earlier.

OPEC member Algeria's economy relies heavily on oil and gas which account for 9% of its total export revenue and 60% of the state budget, according to Reuters.

The country's oil and gas sector grew 7.5% in the January-March period after a 13.3% contraction a year earlier, figures issued by the National Statistics Bureau showed.

According to figures, Algeria's non-energy sector grew by 1.4% after shrinking 1.2% a year earlier.

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GASTAT: Saudi Industrial Production Index Increases by 3.4% in November 2024

GASTAT publishes the IPI monthly. SPA
GASTAT publishes the IPI monthly. SPA
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GASTAT: Saudi Industrial Production Index Increases by 3.4% in November 2024

GASTAT publishes the IPI monthly. SPA
GASTAT publishes the IPI monthly. SPA

Saudi Arabia’s General Authority for Statistics (GASTAT) said Thursday that the Industrial Production Index (IPI) statistics for November 2024 showed a 3.4% increase compared to the same month of the previous year.

This increase is driven by growth in mining and quarrying, manufacturing, water supply, sewerage, and waste management and remediation activities, GASTAT said.

Furthermore, the sub-index of mining and quarrying activity increased by 1.2%, and the sub-index of manufacturing activity increased by 7.2%.

The sub-index of electricity, gas, steam, and air conditioning supply activity recorded a decrease of 2.1%, and the sub-index of water supply, sewerage and waste management and remediation activities increased by 10.5%.

The IPI by main economic activities increased by 3.8% compared to the same month of the previous year, while the index of non-oil activities also increased by 2.4%.

GASTAT publishes the IPI monthly. It is an economic indicator that reflects the relative changes in the volume of industrial output. It is calculated based on the industrial production survey.