Economy of Guyana

Last updated

Economy of Guyana
Downtown Georgetown, Guyana.jpg
Currency Guyanese dollar (GYD)
Calendar year
Trade organisations
CARICOM, WTO, Prosur, Unasur, Mercosur (associate)
Country group
Statistics
PopulationIncrease2.svg 791,739 (Q1, 2023) [3]
GDP
  • Increase2.svg $20.5 billion (nominal; 2023) [4]
  • Increase2.svg $60.7 billion (PPP; 2023) [4]
GDP rank
GDP growth
  • Increase2.svg 37.2% (2023) [5]
  • Increase2.svg 45.3% (2024) [5]
  • Increase2.svg 3.41% (2025) [5]
GDP per capita
  • Increase2.svg $20,539 (nominal; 2023) [4]
  • Increase2.svg $60,648 (PPP; 2023) [4]
GDP per capita rank
GDP by sector
6.0% (2023 est.) [6]
Population below poverty line
35% (2006 est.) [3]
44.6 medium (2007) [3]
Labour force
  • Increase2.svg 299,147 (2021) [9]
  • Increase2.svg 43.3% employment rate (2019) [10]
Labour force by occupation
N/A
Unemployment
  • Increase Negative.svg 16.4% (2019) [3]
  • Increase Negative.svg 29.9% youth unemployment (2021; 15 to 24 year-olds) [3]
  • Number of people unemployed: N/A
External
ExportsIncrease2.svg $5.721 billion (2021) [3]
Export goods
crude petroleum, sugar, gold, bauxite, alumina, rice, shrimp, molasses, rum, timber, railway shipping containers
Main export partners
ImportsIncrease2.svg $6.661 billion (2021) [3]
Import goods
floating drilling platforms, refined petroleum, valves, construction vehicles, cars manufacturing, machinery, food
Main import partners
Decrease Positive.svg $1.38 billion (Q1 2022) [3]
Public finances
Decrease Positive.svg 44% of GDP (2021 est.) [3]
−5.3% (of GDP) (2020)[ citation needed ]
Revenues1.002 billion (2017) [3]
Expenses1.164 billion (2017) [3]
Economic aid$5.8 million (2020) [11]
N/A

All values, unless otherwise stated, are in US dollars.

The economy of Guyana is one of the fastest growing in the world with a gross domestic product (GDP) growth of 19.9% in 2021. [12] In 2023, Guyana had a per capita gross domestic product (purchasing power parity) of Int$60,648 and an average GDP growth of 4.2% over the previous decade. [4] Guyana's economy was transformed in 2015 with the discovery of an offshore oil field in the country’s waters about 190 km from Georgetown, making the first commercial-grade crude oil draw in December 2019, sending it abroad for refining. [12]

Contents

Overview

Developed in conjunction with the World Bank and the International Monetary Fund (IMF), an economic recovery program significantly reduced the government's role in the economy, encouraged foreign investment, enabled the government to clear all its arrears on loan repayments to foreign governments and the multilateral banks, and brought about the sale of 15 of the 41 government-owned (parastatal) businesses. The cellphone company and assets in the timber, rice, and fishing industries also were privatized. International corporations were hired to manage the huge state sugar company, GuySuCo, and the most significant state bauxite mine. An American company was allowed to open a bauxite mine, and two Canadian companies were permitted to develop the largest open-pit gold mine in South America. However, efforts to privatize the two state-owned bauxite mining companies, Berbice Mining Company and Linden Mining Company have so far been unsuccessful.

Most price controls were removed, the laws affecting mining and oil exploration were improved, and an investment policy receptive to foreign investment was announced. Tax reforms designed to promote exports and agricultural production in the private sector were enacted.

Debt

Since 1986, Guyana has received its entire wheat supply from the United States on concessional terms under a PL 480 Food for Peace programme. It is now supplied on a grant basis. The Guyanese currency generated by the sale of the wheat is used for purposes agreed upon by the U.S. and Guyana Governments. As with many developing countries, Guyana is heavily indebted. Reduction of the debt burden has been one of the present administration's top priorities. In 1999, through the Paris Club "Lyons terms" and the Heavily Indebted Poor Countries (HIPC) initiative Guyana managed to negotiate $256 million in debt forgiveness.

In qualifying for HIPC assistance, for the first time, Guyana became eligible for a reduction of its multilateral debt. About half of Guyana's debt is owed to the multilateral development banks and 20% to its neighbour Trinidad and Tobago, which until 1986 was its principal supplier of petroleum products. Almost all debt to the U.S. government has been forgiven. In late 1999, net international reserves were at $123.2 million, down from $254 million in 1994. However, net international reserves had rebounded to $174.1 million by January 2001.

Guyana's extremely high debt burden to foreign creditors has meant limited availability of foreign exchange and reduced capacity to import necessary raw materials, spare parts, and equipment, thereby further reducing production. The increase in global fuel costs also contributed to the country's decline in production and growing trade deficit. The decline of production has increased unemployment. Although no reliable statistics exist, combined unemployment and underemployment are estimated at about 30%.

Emigration, principally to the U.S. and Canada, remains substantial. Net emigration in 1998 was estimated to be about 1.4 percent of the population, and in 1999, this figure totalled 1.2 percent. After years of a state-dominated economy, the mechanisms for private investment, domestic or foreign, are still evolving. The shift from a state-controlled economy to a primarily mixed economic system began under Desmond Hoyte and continued under PPP/CIVIC governments. The current PPP/C administration recognizes the need for foreign investment to create jobs, enhance technical capabilities, and generate goods for export.

The foreign exchange market was fully liberalized in 1991, and currency is now freely traded without restriction. The rate is subject to change on a daily basis, but the Guyana dollar has depreciated 17.6% from 1998 to 2000 and may depreciate further pending the stability of the post-election period.

Economic history

European settlement and plantation workforce

The Dutch were the first to settle Guyana in the 1600s, engaging in trade with the Amerindians and establishing plantations. It was soon discovered that the soil and climate were ideal for growing sugar cane and slaves from Africa were brought in to work on these plantations. The colonies of the Guianas were merged and taken into the British empire. When slavery was abolished, a new wave of labour was brought from India as indentured servants. Politics was greatly controlled by powerful plantation owners. Portuguese and Chinese also came into the country as agricultural labour, but eventually settled into their own specific service industries. [13]

Nationalization

When Guyana became independent from British rule, there was a great need to ensure the economy was locally-owned after centuries of foreign involvement. Socialist policies were of great interest at the time, and nearly every sector of industry was nationalized during the Burnham presidency of the 1970s, with new agencies established to support the poor and working class. Initially, government investment was successful to aid growth, but lacked management skills and was weak in the face of world commodity prices and competition. Economic and political strife went hand in hand, and the population dwindled from resulting waves of emigration. [14]

Opening of markets

The economy made dramatic progress after President Hoyte's 1989 economic recovery program. As a result, Guyana's GDP increased 6% in 1991 following 15 years of decline. Growth was consistently above six percent until 1995, when it dipped to 5.1 percent. The government reported that the economy grew at a rate of 7.9 percent in 1996, 6.2 percent in 1997, and fell 1.3 percent in 1998. The 1999 growth rate was three percent. The unofficial growth rate in 2005 was 0.5 percent. In 2006, it was 3.2%.

Infrastructure

Infrastructure is primarily concentrated on the coast, and there is difficulty in building up industries in the hinterlands due to limitations of access and energy.

Major economic sectors

Agriculture and mining are Guyana's most important economic activities, with sugar, bauxite, rice, and gold accounting for 7075 percent of export earnings. However, the rice sector experienced a decline in 2000, with export earnings down 27 percent through the third quarter of 2000. Ocean shrimp exports, which were heavily impacted by a one-month import ban to the United States in 1999, accounted for only 3.5 percent of total export earnings that year. Shrimp exports rebounded in 2000, representing 11 percent of export earnings through the third quarter of 2000. Other exports include timber, diamonds, garments, rum, and pharmaceuticals. The value of these other exports is increasing.

Agriculture

Sugar is the most historically important product of Guyana, however, the industry has been in decline due to global competition and other factors. It still is a major export, along with its related products molasses and rum. [15] Banks DIH and Demerara Distilleries are the countries' only distillers, but Guyana is world’s 14th largest exporter of rum. [16]

In 2018, Guyana produced 1.2 million tons of sugar cane, 964 thousand tons of rice, 136 thousand tons of coconut, in addition to smaller productions of other products agricultural products, such as eggplant (47 thousand tons), pineapple (34 thousand tons), pepper (37 thousand tons), banana (23 thousand tons), orange (21 thousand tons), cassava (20 thousand tons), etc. [17]

Mining

Mining has surpassed the economic importance of sugar in recent years, making up a sizable portion of Guyana's GDP. The large-scale gold and bauxite mining operations are all foreign-owned, but the vast proportion of gold and diamond mining is done by small and medium-scale miners.

Petroleum

In the 2010's, significant off-shore oil finds by Exxon has renewed interest in foreign investment in the country. A 2018 estimate predicts Guyana's oilfields are holding over 3.2 billion barrels. [15] Off-shore crude oil extraction began in 2019.

Forestry

Guyana contains the "largest unspoiled rainforests on the continent." [15] Despite the vast forests covering the country, the timber industry has remained small due to infrastructural limitations such as undeveloped roads and lacking or unreliable electricity to milling operations. [18]

The country also sees large financial contributions from international organizations looking to protect the forests.

Fishing

Most of what is fished is consumed locally, but there is a sizable export market for ocean shrimp. Overfishing of shrimp has led to Atlantic seabob becoming the most commercially important catch. Commercial fishing is mostly marine, as inland fishing is mostly attributed to subsistence fishing done by Amerindians. [19]

Data

The following table shows the main economic indicators in 1980–2028 (with IMF staff estimates for 2021–2028). Inflation below 3% is in green. [20]

YearGDP

(in Bil. US$PPP)

GDP per capita

(in US$ PPP)

GDP

(in Bil. US$nominal)

GDP per capita

(in US$ nominal)

GDP growth

(real)

Inflation rate

(in Percent)

Unemployment

(in Percent)

Government debt

(in % of GDP)

1980Increase2.svg1.88Increase2.svg2,421.5Increase2.svg0.84Increase2.svg1,101.9Decrease2.svg-2.1%Increase Negative.svg14.1%7.1%n/a
1981Increase2.svg2.07Increase2.svg2,711.7Decrease2.svg0.81Decrease2.svg1,055.8Increase2.svg0.6%Increase Negative.svg22.2%Increase Negative.svg7.6%n/a
1982Decrease2.svg2.01Increase2.svg2,625.2Decrease2.svg0.69Decrease2.svg904.9Decrease2.svg-8.9%Increase Negative.svg20.6%Increase Negative.svg9.7%n/a
1983Increase2.svg1.85Increase2.svg2,421.5Increase2.svg0.70Increase2.svg921.5Decrease2.svg-11.5%Increase Negative.svg15.3%Decrease Positive.svg9.6%n/a
1984Increase2.svg1.95Increase2.svg2,574.7Decrease2.svg0.65Decrease2.svg861.1Increase2.svg2.1%Increase Negative.svg25.1%Decrease Positive.svg7.5%n/a
1985Increase2.svg2.02Increase2.svg2,682.4Increase2.svg0.70Increase2.svg924.3Increase2.svg0.4%Increase Negative.svg15.0%Decrease Positive.svg7.1%n/a
1986Increase2.svg2.06Increase2.svg2,751.3Increase2.svg0.79Increase2.svg1,053.7Decrease2.svg-0.2%Increase Negative.svg7.9%Decrease Positive.svg7.0%n/a
1987Increase2.svg2.11Increase2.svg2,841.5Decrease2.svg0.73Decrease2.svg982.3Decrease2.svg-0.1%Increase Negative.svg28.7%Decrease Positive.svg6.1%n/a
1988Decrease2.svg2.05Increase2.svg2,790.8Increase2.svg0.83Increase2.svg1,125.9Decrease2.svg-6.0%Increase Negative.svg33.9%Decrease Positive.svg5.4%n/a
1989Decrease2.svg2.03Increase2.svg2,791.0Decrease2.svg0.83Increase2.svg1,146.2Decrease2.svg-4.9%Increase Negative.svg89.5%Decrease Positive.svg5.2%n/a
1990Increase2.svg2.04Increase2.svg2,831.7Decrease2.svg0.69Decrease2.svg951.0Decrease2.svg-3.0%Increase Negative.svg64.3%Increase Negative.svg5.6%n/a
1991Increase2.svg2.24Increase2.svg3,112.5Increase2.svg0.74Increase2.svg1,036.9Increase2.svg6.0%Increase Negative.svg103.1%Increase Negative.svg6.8%n/a
1992Increase2.svg2.46Increase2.svg3,429.4Increase2.svg0.82Increase2.svg1,145.8Increase2.svg7.8%Increase Negative.svg26.7%Increase Negative.svg7.4%n/a
1993Increase2.svg3.73Increase2.svg3,789.2Increase2.svg1.00Increase2.svg1,393.0Increase2.svg8.2%Increase Negative.svg8.4%Increase Negative.svg6.9%n/a
1994Decrease2.svg3.02Increase2.svg4,180.9Increase2.svg1.18Increase2.svg1,626.9Increase2.svg8.5%Increase Negative.svg12.4%Decrease Positive.svg6.1%n/a
1995Increase2.svg3.24Increase2.svg4,459.7Increase2.svg1.33Increase2.svg1,832.4Increase2.svg5.1%Increase Negative.svg12.2%Decrease Positive.svg5.5%n/a
1996Increase2.svg3.56Increase2.svg4,882.5Increase2.svg1.50Increase2.svg2,048.5Increase2.svg8.0%Increase Negative.svg7.1%Decrease Positive.svg5.4%n/a
1997Increase2.svg3.85Increase2.svg5,245.1Increase2.svg1.59Increase2.svg2,161.6Increase2.svg6.2%Increase Negative.svg3.6%Decrease Positive.svg4.9%101.4%
1998Increase2.svg3.83Increase2.svg5,192.4Decrease2.svg1.50Decrease2.svg2,035.9Decrease2.svg-1.7%Increase Negative.svg4.6%Decrease Positive.svg4.5%Increase Negative.svg108.0%
1999Increase2.svg4.00Increase2.svg5,400.8Decrease2.svg1.49Decrease2.svg2,010.8Increase2.svg3.0%Increase Negative.svg7.5%Decrease Positive.svg4.2%Decrease Positive.svg97.1%
2000Increase2.svg4.03Increase2.svg5,434.1Increase2.svg1.50Increase2.svg2,017.2Decrease2.svg-1.3%Increase Negative.svg6.1%Decrease Positive.svg3.9%Increase Negative.svg97.2%
2001Increase2.svg4.22Increase2.svg5,673.3Steady2.svg1.50Increase2.svg2,023.62.3%Increase2.svg2.6%Increase Negative.svg4.7%Increase Negative.svg104.6%
2002Increase2.svg4.33Increase2.svg5,828.4Increase2.svg1.56Increase2.svg2,093.0Increase2.svg1.1%Increase Negative.svg5.4%Increase Negative.svg5.7%Increase Negative.svg105.1%
2003Increase2.svg4.39Increase2.svg5,909.2Increase2.svg1.59Increase2.svg2,144.1Decrease2.svg-0.7%Increase Negative.svg6.0%Increase Negative.svg5.9%Decrease Positive.svg95.6%
2004Increase2.svg4.58Increase2.svg6,116.0Increase2.svg1.66Increase2.svg2,333.0Increase2.svg1.6%Increase Negative.svg4.7%Decrease Positive.svg5.5%Increase Negative.svg91.8%
2005Increase2.svg4.63Increase2.svg6,233.0Increase2.svg1.71Increase2.svg2,305.9Decrease2.svg-1.9%Increase Negative.svg6.9%Decrease Positive.svgDecrease Positive.svg5.0%Decrease Positive.svg90.7%
2006Increase2.svg5.02Increase2.svg6,741.1Increase2.svg1.90Increase2.svg2,551.8Increase2.svg5.1%Increase Negative.svg6.7%Decrease Positive.svgDecrease Positive.svg4.6%Decrease Positive.svg74.5%
2007Increase2.svg5.51Increase2.svg7,389.4Increase2.svg2.23Increase2.svg2,982.2Increase2.svg7.0%Increase Negative.svg12.2%Steady2.svg4.6%Decrease Positive.svg47.0%
2008Increase2.svg5.73Increase2.svg7,659.5Increase2.svg2.49Increase2.svg3,329.6Increase2.svg2.0%Increase Negative.svg8.1%Increase Negative.svg5.8%Increase Negative.svg47.6%
2009Increase2.svg5.96Increase2.svg7,932.6Increase2.svg2.60Increase2.svg3,457.4Increase2.svg3.3%Increase Negative.svg3.0%Increase Negative.svg9.2%Increase Negative.svg51.7%
2010Increase2.svg6.29Increase2.svg8,356.6Increase2.svg2.89Increase2.svg3,837.3Increase2.svg4.4%Increase Negative.svg4.3%Increase Negative.svg9.6%Increase Negative.svg52.5%
2011Increase2.svg6.77Increase2.svg8,958.3Increase2.svg3.33Increase2.svg4,402.8Increase2.svg5.4%Increase Negative.svg4.4%Increase Negative.svg8.9%Decrease Positive.svg51.2%
2012Increase2.svg7.92Increase2.svg10,443.7Increase2.svg4.06Increase2.svg5,360.3Increase2.svg5.0%Increase2.svg2.4%Decrease Positive.svg8.0%Decrease Positive.svg44.3%
2013Increase2.svg8.37Increase2.svg10,998.3Increase2.svg4.17Increase2.svg5,476.7Increase2.svg3.7%Increase2.svg1.9%Decrease Positive.svg7.3%Decrease Positive.svg41.1%
2014Decrease2.svg8.36Decrease2.svg10,942.8Decrease2.svg4.13Decrease2.svg5,402.7Increase2.svg1.7%Increase2.svg0.7%Decrease Positive.svg6.1%Decrease Positive.svg38.3%
2015Increase2.svg8.59Increase2.svg11,204.6Increase2.svg4.28Increase2.svg5,580.0Decrease2.svg0.7%Increase2.svg-0.9%Decrease Positive.svg5.2%Increase Negative.svg41.8%
2016Increase2.svg8.71Increase2.svg11,268.4Increase2.svg4.48Increase2.svg5,796.8Increase2.svg3.8%Increase2.svg0.8%Decrease Positive.svg4.8%Increase Negative.svg43.8%
2017Increase2.svg9.31Increase2.svg11,964.6Increase2.svg4.75Increase2.svg6,104.2Increase2.svg3.7%Increase2.svg1.9%Decrease Positive.svg4.3%Decrease Positive.svg42.9%
2018Increase2.svg9.95Increase2.svg12,725.0Increase2.svg4.79Increase2.svg6,120.5Increase2.svg4.4%Increase2.svg1.3%Decrease Positive.svg3.8%Increase Negative.svg47.0%
2019Increase2.svg10.68Increase2.svg13,605.8Increase2.svg5.17Increase2.svg6,594.4Increase2.svg5.4%Increase2.svg2.1%Decrease Positive.svg3.6%Decrease Positive.svg43.6%
2020Increase2.svg15.52Increase2.svg19,717.1Increase2.svg5.47Increase2.svg6,952.7Increase2.svg43.5%Increase2.svg1.2%Increase Negative.svg8.0%Increase Negative.svg51.1%
2021Increase2.svg19.47Increase2.svg24,661.7Increase2.svg7.66Increase2.svg9,702.5Increase2.svg20.1%Increase Negative.svg3.3%Decrease Positive.svg5.3%Decrease Positive.svg43.2%
2022Increase2.svg33.80Increase2.svg42,698.9Increase2.svg14.52Increase2.svg18,342.3Increase2.svg62.3%Increase Negative.svg6.5%Decrease Positive.svg3.5%Decrease Positive.svg27.8%
2023Increase2.svg48.16Increase2.svg60,648.1Increase2.svg16.31Increase2.svg20,539.9Increase2.svg37.2%Increase Negative.svg6.6%Increase Negative.svg3.5%Increase Negative.svg29.8%
2024Increase2.svg71.54Increase2.svg89,924.7Increase2.svg22.01Increase2.svg27,641.2Increase2.svg45.3%Increase Negative.svg5.5%Steady2.svg3.9%Decrease Positive.svg24.2%
2025Increase2.svg75.38Increase2.svg94,370.1Increase2.svg22.63Increase2.svg28,330.0Increase2.svg3.4%Increase Negative.svg5.0%Steady2.svg3.9%Decrease Positive.svg24.1%
2026Increase2.svg104.9Increase2.svg130,912.7Increase2.svg29.58Increase2.svg36,919.5Increase2.svg36.6%Increase Negative.svg5.0%Steady2.svg3.9%Decrease Positive.svg18.9%
2027Increase2.svg110.4Increase2.svg137,334.8Increase2.svg30.46Increase2.svg37,907.2Increase2.svg3.3%Increase Negative.svg5.0%Steady2.svg3.9%Decrease Positive.svg18.8%
2028Increase2.svg116.2Increase2.svg144,160.3Increase2.svg31.43Increase2.svg38,998.6Increase2.svg3.3%Increase Negative.svg5.0%Steady2.svg3.9%Decrease Positive.svg18.6%

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The economy of Mali is based to a large extent upon agriculture, with a mostly rural population engaged in subsistence agriculture.

<span class="mw-page-title-main">Economy of Nicaragua</span>

The economy of Nicaragua is focused primarily on the agricultural sector. Nicaragua itself is the least developed country in Central America, and the second poorest in the Americas by nominal GDP. In recent years, under the administrations of Daniel Ortega, the Nicaraguan economy has expanded somewhat, following the Great Recession, when the country's economy actually contracted by 1.5%, due to decreased export demand in the American and Central American markets, lower commodity prices for key agricultural exports, and low remittance growth. The economy saw 4.5% growth in 2010 thanks to a recovery in export demand and growth in its tourism industry. Nicaragua's economy continues to post growth, with preliminary indicators showing the Nicaraguan economy growing an additional 5% in 2011. Consumer Price inflation have also curtailed since 2008, when Nicaragua's inflation rate hovered at 19.82%. In 2009 and 2010, the country posted lower inflation rates, 3.68% and 5.45%, respectively. Remittances are a major source of income, equivalent to 15% of the country's GDP, which originate primarily from Costa Rica, the United States, and European Union member states. Approximately one million Nicaraguans contribute to the remittance sector of the economy.

The economy of Suriname was largely dependent upon the exports of aluminium oxide and small amounts of aluminium produced from bauxite mined in the country. However, after the departure of Alcoa, the economy depended on the exports of crude oil and gold. Suriname was ranked the 124th safest investment destination in the world in the March 2011 Euromoney Country Risk rankings.

The economy of Eswatini is fairly diversified. Agriculture, forestry and mining account for about 13 percent of Eswatini's GDP whereas manufacturing represent 37 percent of GDP. Services – with government services in the lead – constitute the other 50 percent of GDP.

<span class="mw-page-title-main">Economy of Tanzania</span>

The economy of Tanzania is a lower-middle income economy that is overwhelmingly dependent on agriculture. Tanzania's economy has been transitioning from a planned economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007.

<span class="mw-page-title-main">Economy of Togo</span>

The economy of Togo has struggled greatly. The International Monetary Fund (IMF) ranks it as the tenth poorest country in the world, with development undercut by political instability, lowered commodity prices, and external debts. While industry and services play a role, the economy is dependent on subsistence agriculture, with industrialization and regional banking suffering major setbacks.

<span class="mw-page-title-main">Economy of Tunisia</span>

The economy of Tunisia is in the process of being liberalized after decades of heavy state direction and participation in the country's economy. Prudent economic and fiscal planning has resulted in moderate but sustained growth for over a decade. Tunisia's economic growth historically has depended on oil, phosphates, agri-food products, car parts manufacturing, and tourism. In the World Economic Forum Global Competitiveness Report for 2015–2016, Tunisia ranks in 92nd place.

<span class="mw-page-title-main">Economy of Madagascar</span>

The economy of Madagascar is US$9.769 billion by gross domestic product as of 2020, being a market economy and is supported by an agricultural industry and emerging tourism, textile and mining industries. Malagasy agriculture produces tropical staple crops such as rice and cassava, as well as cash crops such as vanilla and coffee.

<span class="mw-page-title-main">Economy of Mozambique</span>

The economy of Mozambique is $14.396 billion by gross domestic product as of 2018, and has developed since the end of the Mozambican Civil War (1977–1992). In 1987, the government embarked on a series of macroeconomic reforms, which were designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, have led to dramatic improvements in the country's growth rate. Inflation was brought to single digits during the late 1990s, although it returned to double digits in 2000–02. Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government's revenue collection abilities.

<span class="mw-page-title-main">Economy of Algeria</span>

The economy of Algeria deals with Algeria's current and structural economic situation. Since independence in 1962, Algeria has launched major economic projects to build up a dense industrial base. However, despite these major achievements, the Algerian economy has gone through various stages of turbulence.

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