عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

Morocco Receives 17.4 Million Tourists in 2024, Up 20% on 2023

FILE PHOTO: People walk outside the Cinema Museum of Ouarzazate, Morocco, October 23, 2024. REUTERS/Stelios Misinas/File Photo
FILE PHOTO: People walk outside the Cinema Museum of Ouarzazate, Morocco, October 23, 2024. REUTERS/Stelios Misinas/File Photo
TT
TT

Morocco Receives 17.4 Million Tourists in 2024, Up 20% on 2023

FILE PHOTO: People walk outside the Cinema Museum of Ouarzazate, Morocco, October 23, 2024. REUTERS/Stelios Misinas/File Photo
FILE PHOTO: People walk outside the Cinema Museum of Ouarzazate, Morocco, October 23, 2024. REUTERS/Stelios Misinas/File Photo

Morocco received a record 17.4 million tourists in 2024, up 20% compared with previous year, with Moroccans living abroad accounting for nearly half the total, the tourism ministry said on Thursday.
Tourism accounts for about 7% of the North African country's gross domestic product and is a key source of jobs and foreign currency, Reuters reported.
The number of arrivals this year was two years ahead of target, the ministry said in a statement. It expects Morocco to receive 26 million tourists by 2030, when the country co-hosts the World Cup, together with Spain and Portugal.
Morocco has opened additional air routes to key tourist markets, while promoting new destinations within the country and encouraging the renovation of hotels.
From January to November, tourism revenue rose 7.2% to a record 104 billion dirhams, according to Morocco's foreign exchange regulator.