President Abdelmadjid Tebboune announced today in Algiers that Algeria has become the third-largest economy on the African continent, thanks to profound and structural reforms. This announcement was made during the second edition of the President’s Award for Best Exporter, held at the “Abdelatif Rahal” International Conference Center.

In his speech, President Tebboune emphasized the government’s priority to gradually eliminate economic dependencies, especially those related to food security. “We have initiated deep and structural reforms to correct economic imbalances, improve the investment environment, promote foreign trade, adopt digitalization, and reform monetary policies to respond to global economic transformations,” Tebboune stated.

Despite the challenges posed by the COVID-19 pandemic, Algeria has demonstrated remarkable resilience. “We have achieved an advanced growth rate of 4.2 percent, one of the best in the Mediterranean region,” President Tebboune highlighted. This growth has propelled Algeria’s GDP to $260 billion.

Third Largest African Economy

Such positive indicators have placed Algeria as the third-largest economy in Africa, with foreign exchange reserves increasing to $70 billion. Additionally, non-hydrocarbon exports have reached nearly $7 billion. President Tebboune projected that Algeria aims to reach $29 billion in non-hydrocarbon exports by 2030, focusing on sectors such as agriculture, heavy industry, manufacturing, pharmaceuticals, mining, tourism, and services.

Among the significant projects driving Algeria’s economic “new course” are the Ghar Djebilet mines, developed in collaboration with Chinese companies, positioning Algeria among the largest holders of iron reserves globally. Additionally, phosphate and zinc projects are set to make Algeria a major exporter of these materials. In the agri-food sector, the $420 million project by Italian holding Bf Spa aims to develop 36,000 hectares between Adrar and Timimoun, delivering a complete agri-food supply chain to Algeria.

The progress recorded in various sectors indicates that Algeria’s gross domestic product could rise from the current $260 billion to $400 billion by the end of 2027.

With these developments, Algeria is well on its way to diversifying its economy and integrating into global value chains, demonstrating strong potential for future growth and stability.