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FINANCIAL NEWS
Algeria aims to revive industry
17 Oct 2013
(MENAFN) Algeria”s heavy dependence on oil and its poor economic performance is pushing the country to revive its industrial sector, Times of Oman reported.
The Algerian Prime Minister said that industry is the only way the country can reduce its dependence on oil and that re-industrialization is the “engine of strong and healthy economic growth” which will help add employment and comprise a larger share of the gross domestic product (GDP).
In the mid-1980s, the industrial sector in the North Africa country accounted for 25 percent of the GDP, while now it only accounts for 4 percent with 95 percent of the GDP comes from hydrocarbons.
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