(MENAFN - Kuwait News Agency (KUNA)) Algeria's foreign exchange reserves are now estimated at over USD 182 billion, Governor of the Bank of Algeria Mohamed Laksaci said here Monday.
The Algerian economy has managed to resist the fallout of the global financial crisis, Laksaci said while presenting the report of the Bank of Algeria on economic and monetary developments in 2011 before the National People's Assembly (APN).
But, he cautioned that the poorly diversified national economy makes the financial stability of Algeria "relatively weak" for several years to external shocks related to the global energy market.
The overall economic growth in 2011 fell by 2.4 percent against 3.4 percent in 2010 due to the slowdown in the public works sector, while in parallel, agriculture and services of the public administration grew neatly, the fact that caused a decline in growth outside hydrocarbons 5.2 percent in 2011 against 6 percent in 2010, he said.
With an average annual price of oil of 112.94 dollars the barrel in 2011 against 80.15 dollars in 2010 and a decrease of 4.89 percent of the oil exports down to USD 71.66 billion, the non-oil exports rose by 25.77 percent to USD 1.22 billion against USD 970 million in 2010, he added. Imports of products have reached about USD 44.94 billion in 2011, increasing by 15.56 percent compared to 2010 due to the increase in food imports and consumption, the governor of Bank of Algeria noted.