Gulf Oil and Gas accountACCOUNT

Algeria Loses $6 billion by Hydrocarbon Exports Fall

Source: AlgeriaTimes 12/17/2013, Location: Africa

Share |
Algeria lost about $6 billion between January and June 2013 as its hydrocarbon exports fell by 14.31 percent to $32.14 billion compared to $37.50 billion, the Algeria Bank new report finds.

Algeria’s commodity exports continued to rise by 20 percent while exports out of hydrocarbons structural weakness had a negative impact on trade balance in 2013’s first semester.

According to the same report, services balance had a $3.7 billion deficit.

Commodity imports are on the rise while hydrocarbons exports volume are going down and deficit is increasing.

The report says official exchange reserves accumulation shows Algeria’s solid foreign financial situation. Exchange reserves except gold reached $190.66 billion in the end of December 2012. That represents more than three years of goods and services importing.

The Algeria Bank stresses the importance of careful running of official exchange reserves, saying investments safety is a priority.

Exchange reserves running led to 1.93 percent income. The first semester seems affected by main hard currencies unstable exchange rate which hits some emerging and developing economies.

The Public Treasury’s financial savings went up by $288.58 billion, said the report.

It added that slight economic growth improvement in 2013 is accompanied by inflation due to continuous domestic inflation pressures. Budget current expenses expansion including conversions increase had an impact on rates. Because of that, it was difficult for The Algeria Bank to manage monetary policy to reduce inflation.

For more information about related Opportunities and Key Players visit Algeria Oil and Gas Projects

Financials and Investment News in Algeria >>

United Arab Emirates >>  8/14/2018 - Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, has announced that the issue of its new Sukuk has been completed...
United Kingdom >>  8/13/2018 - Petrofac has secured US$300 million of new bank facilities with existing relationship banks. These new committed facilities, which will mature in 2020...

Iran >>  8/6/2018 - Iran plans to implement a new financial rescue package on Monday to try and halt the rial’s decline, coinciding with the re-imposition of severe U.S. ...
Iran >>  8/5/2018 - Saudi Arabia has agreed to admit an Iranian diplomat to head an office representing Iranian interests in the kingdom, the official Iranian news agency...

Brazil >>  8/3/2018 - Petrobras reported net income of R$ 17 billion in the first half of 2018. The positive result was mainly influenced by the increase in international o...
Azerbaijan >>  8/1/2018 - The EU Member States agreed on European Commission proposal to invest €48.4 million in several key European energy infrastructure projects using funds...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Algeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 |

More News

 

Oil & Gas Companies in Algeria >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.