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| Official visit to Algeria |
| Bratislava, 13.07.2007 |
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| Minister of Foreign Affairs of the Slovak Republic Mr. Ján Kubiš will pay an official visit to the Democratic People´s Republic of Algeria from 13th to 14th of July 2007. During the visit he will have a discussion with the Algerian Foreign Minister and other representatives of Algeria focused on the possibilities to enhance the mutual relations with the emphasis on the economic co-operation as well as on the current international issues. At the conclusion Minister Kubiš will present a lecture on the foreign policy of the Slovak Republic taking place at the Foreign Policy Institute of the Algerian foreign ministry.
Hovorca Ministerstva zahraničných vecí SR
Telefón: 00421-2 / 5978 3010
Mobil: 00421-918 / 660 040
Fax: 00421-2 / 5978 3019
E-mail: hovorca@foreign.gov.sk |
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Address : Euro-Brew Ltd., Hlboká 22, 917 01 Trnava, Slovakia
Tel. : +421 33 53 418 53, Fax : +421 33 53 418 52, E-mail : info@eurobrew.sk |
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![Prior to independence in 1962 Algeria's economy had been dominated by agriculture for a millennium and was known as 'the breadbasket of the Roman empire'. However, with rising oil revenues throughout the 1960s and 1970s, the government embarked on a major programme of industrialization which has transformed the economy, making Algeria one of the wealthiest nations in Africa. Fuelled by oil revenues, Algeria's economy grew dramatically throughout this period.
Declining oil prices during the 1980s drastically reduced economic growth of the now oil-dependent country. Annual per capita income fell from $2,360 in 1988 to $1,541 in 1992. As a socialist country, Algeria's entire oil industry is controlled by the state.
Although agriculture no longer dominates the economy it remains an important sector. During the first half of the 1990s the national budget registered expenditures of $14.6 billion as against revenues of $14.4 billion annually.
Accounting for roughly 52% of budget revenues, the hydrocarbons sector is the backbone of the economy (25% of gross domestic product [GDP] and over 95% of export earnings. Algeria has the fifth-largest reserves of natural gas in the world and is the second largest gas exporter. Regarding oil reserves, Algeria ranks fourteenth in the world. Algiers' efforts to reform its centrally planned economy stalled by the political turmoil erupted in the early nineties. Some progress on economic reform and oil and gas sector expansion contributed to a recovery in growth since 1995. Still, the economy remains heavily dependent on volatile oil and gas revenues. The government continued its efforts to diversify the economy by attracting foreign and domestic investment outside the energy sector, but unemployment and improving living standards have not successfully dealt with.
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