Search Site

Trends banner

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

TSMC Q2 profit up 60%

TSMC is the world's largest contract maker of chips.

Algeria passes biggest-ever US$98.5 billion annual budget

Algeria's President Abdelmadjid Tebboune. (AFP)
  • The government set a reference oil price estimated at US$60 per barrel, up by US$15 per barrel over the 2022 budget
  • The figures in the annual budget showed an increase in defense spending, which topped the rest of the sectors with US$22.7 billion, to be the largest in Algeria's history.

Algiers, Algeria— Algeria approved the 2023 budget, the largest in the country’s history after President Abdelmadjid Tebboune approved the Finance Law on Sunday.

The Algerian government allocated the largest budget since its independence – 6 decades ago – at a value of $98.5 billio), an increase of $24.5 billion over the 2022 budget and US$36.5 billion over the 2021 budget.

Also read: Gas giant Algeria slams EU gas price cap

In its budget, the Algerian government set a reference oil price estimated at US$60 per barrel, up by US$15 per barrel over the 2022 budget.

The budget submitted by Algerian Prime Minister Aymen Benabderrahmane’s government for 2023 forecasted a 4.1 percent growth rate, compared to 3.3 to 3.8 percent in the 2022 budget.

It also expected the growth rate to continue to rise in 2023 to 4.1 percent and 4.4 percent in 2024, while the inflation rate for the next year was greater at a rate of 5.1 percent, compared to 4.9 percent in the 2022 budget.

Also read: With gas prices up, Algeria hikes defense budget to US$23bn

The figures in the annual budget showed an increase in defense spending, which topped the rest of the sectors with US$22.7 billion, to be the largest in Algeria’s history.

Both chambers of the Algerian Parliament; the People’s Assembly and the National Assembly, passed the Finance Law for the year 2023.