International Monetary Fund Washington, D.C.

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1 2009 International Monetary Fund April 2009 IMF Country Report No. 09/111 Algeria: Statistical Appendix This Statistical Appendix for Algeria was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on December 23, The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Algeria or the Executive Board of the IMF. The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information. Copies of this report are available to the public from International Monetary Fund Publication Services th Street, N.W. Washington, D.C Telephone: (202) Telefax: (202) publications@imf.org Internet: International Monetary Fund Washington, D.C.

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3 INTERNATIONAL MONETARY FUND ALGERIA Statistical Appendix Prepared by Gabriel Sensenbrenner, Boileau Loko, and Roua Hijazi (all MCD) Approved by the Middle East and Central Asia Department December 23, 2008 Contents Page 1. Basic Economic and Financial Indicators, Supply and Use of Resources at Current Prices, Sectoral Distribution of GDP at Current Prices, Sectoral Distribution of Real GDP Growth, Production, Exports, and Consumption of Liquid Pretroleum Products, Production, Exports, and Consumption of Gas Products, Domestic Prices of Major Energy Products, Agricultural Land Use Patterns, Crop Yields, Livestock, Indices of Industrial Production in Public Enterprises, Production of Minerals, Housing Supply, Consumer Price Index, Income of Households, Labor Force, Employment, and Unemployment, Summary of Central Government Operations, Composition of Central Government Revenue, Central Government Revenue, Composition of Central Government Expenditure, Central Government Expenditure, Sectoral Allocation of Budgetary Capital Expenditure, Central Government Domestic Debt, Monetary Survey, Summary Balance Sheet of the Bank of Algeria, Summary Balance Sheet of Deposit Money Banks, Distribution of Credit to the Economy by Maturity, Districution of Credit to the Economy by Sector, Structure of Interest Rates,

4 2 30. Number of Branches of Financial Institutions, Balance of Payments, Exports and Imports, Volume of Hydrocarbon Exports, Hydrocarbon Exports, Trade Indices, External Debt, Nominal and Real Effective Exchange Rates,

5 3 Table 1. Algeria: Basic Economic and Financial Indicators, (Annual percentage change) Production and prices Nominal GDP Real GDP Real nonhydrocarbon GDP (NHGDP) GDP deflator NHGDP deflator Consumer price index (average) (In billions of U.S. dollars; unless otherwise indicated) External sector Exports, f.o.b Imports, f.o.b Current account balance Current account balance (in percent of GDP) Overall balance (In percent of GDP; unless otherwise indicated) Central government Total budget revenue and grants Of which: hydrocarbon revenue Total expenditure and net lending Overall balance Nonhydrocarbon primary balance (in percent of NHGDP) Money and credit Broad money (annual percentage change) Net credit to government (as a percent of beginning money stock) Credit to the economy (annual percentage change) week T-bill interest rate (in percent per annum) Official reserves Gross official reserves (in billions of U.S. dollars) Idem, in months of next year's imports of goods and services Debt Total external debt (in billions of U.S. dollars) Total external debt (in percent of GDP) Total government debt (in percent of GDP) Domestic government debt (in percent of GDP) Memorandum items: Gross domestic product (in billions of dinars) Idem (in billions of U.S. dollars) Per capita GDP (in U.S. dollars) Exchange rate (DA/US$) (average) Real effective exchange rate (annual percentage rate) Terms of trade (annual percentage rate) Sources: Algerian authorities; and Fund staff estimates.

6 4 Table 2. Algeria: Supply and Use of Resources at Current Prices, Gross domestic product Resource gap Exports of goods and nonfactor services Imports of goods and nonfactor services Gross domestic spending Consumption Government Nongovernment Gross investment Gross fixed capital formation Change in inventories Gross domestic savings Net factor income from abroad Net current transfers National savings Gross national product Gross domestic product Resource gap Exports of goods and nonfactor services Imports of goods and nonfactor services Gross domestic spending Consumption Government Nongovernment Gross investment Gross fixed capital formation Change in inventories Gross domestic savings Net factor income from abroad Net current transfers National savings Gross national product Sources: Algerian authorities; and Fund staff estimates. (In billions of dinars) (In percent of GDP)

7 5 Table 3. Algeria: Sectoral Distribution of GDP at Current Prices, Hydrocarbons Other sectors Agriculture Industry Construction and public works Nongovernment services Government services Imports taxes and duties Gross domestic product Hydrocarbons Other sectors Of which: Agriculture Industry Government services (Annual percentage change) Hydrocarbons Other sectors Of which: Agriculture Industry Government services Gross domestic product Sources: Algerian authorities; and Fund staff estimates. (In billions of dinars) (In percent of GDP)

8 6 Table 4. Algeria: Sectoral Distribution of Real GDP Growth, (In percent) Hydrocarbons Other sectors Agriculture Mining Energy (nonhydroelectric) and water Manufacturing Food processing Steel, mechanical, and electrical construction Chemical industry Textiles Leather products Building materials Wood and paper Other Private industry Construction and public works Nongovernment services Government services Import taxes and duties Gross domestic product Gross domestic absorption Consumption Government Nongovernment Gross investment Exports of goods and nonfactor services Imports of goods and nonfactor services Memorandum item: Real per capita GDP Source: Algerian authorities.

9 7 Table 5. Algeria: Production, Exports, and Consumption of Liquid Petroleum Products, (In millions of tons) Liquid petroleum and substitutes Production Crude oil and substitutes Condensate Liquefied petroleum gas (LPG) Imports Refinery input Direct exports Crude Condensate LPG LPG consumption Discrepancy 1/ Refined products Production Exports Domestic consumption Discrepancy 1/ Memorandum item: Total exports Source: Algerian authorities. 1/ Reflects change in inventories and errors of measurement.

10 8 Table 6. Algeria: Production, Exports, and Consumption of Gas Products, (In billions of cubic meters) Gross production Input into oil production Net production 1/ Volume transported 2/ Domestic consumption Sales to liquefaction plants Liquid natural gas (LNG) production Of which: LNG exports Exports by pipeline Discrepancy 3/ (Annual percentage change) Gross production Input into oil production Net production 1/ Volume transported 2/ Domestic consumption Sales to liquefaction plants LNG production Of which: LNG exports Exports by pipeline (In billions of cubic meters; unless specified otherwise) Memorandum item: Total exports Of which: LNG exports (in percent) Piped exports (in percent) Source: Algerian authorities. 1/ Net of gas reinjected into producing oil wells. 2/ Equal to net production minus gas flared, gas used for lifting and for fuel gas, and other losses in the fields. 3/ Reflects errors in measurement.

11 9 Table 7. Algeria: Domestic Prices of Major Energy Products, (In dinars per liter; unless otherwise indicated) Butane (13 kg/bottle) Propane (35 kg/bottle) LPG fuel (kg) LPG car fuel Super gasoline Regular gasoline Gas oil Fuel oil Source: Algerian authorities.

12 10 Table 8. Algeria: Agricultural Land Use Patterns, (In thousands of hectares) Cereals Durum wheat Bread wheat Barley Other Pulses Fodder crops Industrial crops 1/ Vegetables 2/ Grapes Fruit trees Natural prairies Others Total cultivated land Fallow Source: Algerian authorities. 1/ Industrial tomatoes and tobacco. 2/ Potatoes, tomatoes, garlic and onions, and watermelons.

13 11 Table 9. Algeria: Crop Yields, (In thousands of quintals) Cereals Hard wheat Soft wheat Barley Potatoes Pulses Fava beans Chickpeas Source: Algerian authorities. Table 10. Algeria: Livestock, (In thousands of heads) Bovine Ovine Caprine Cameline Source: Algerian authorities.

14 12 Table 11. Algeria: Indices of Industrial Production in Public Enterprises, Water and energy Hydrocarbons Mining and quarrying Mechanical and electrical Construction materials Chemicals Food processing Textiles Leather and hides Woods and paper Other industries General index General index (excluding hydrocarbons) General index of manufactured commodities (Annual percentage change) Water and energy Hydrocarbons Mining and quarrying Mechanical and electrical Construction materials Chemicals Food processing Textiles Leather and hides Woods and paper Other industries General index General index (excluding hydrocarbons) General index of manufactured commodities Source: Algerian authorities. (1989 = 100)

15 13 Table 12. Algeria: Production of Minerals, / Iron ore Phosphates Zinc and lead Mercury 2/ Iron ore Phosphates Zinc and lead Mercury 2/ Source: Algerian authorities. (In thousands of tons; unless otherwise indicated) (Annual percentage change) 1/ Excluding hydrocarbons. 2/ In thousands of containers, each weighing 34 kilograms.

16 14 Table 13. Algeria: Housing Supply, Formal Social Rental Owner occupied Other formal Public Private Autoconstruction Total Formal Social Rental Owner occupied Other formal Public Private Autoconstruction Total Source: Algerian authorities. (In thousands of dwellings delivered) (In percent of total)

17 15 Table 14. Consumer Price Index, / Foodstuffs, beverages, and tobacco Clothing and shoes Housing costs Furniture Health and medical care Transportation and communications Education and entertainment Other services General index Foodstuffs, beverages, and tobacco Clothing and shoes Housing costs Furniture Health and medical care Transportation and communications Education and entertainment Other services General index Source: Algerian authorities. 1/ Includes 256 items and covers households Algiers area. (1989 = 100) (Average percentage change)

18 16 Table 15. Algeria: Income of Households, (In billions of dinars) Wages and salaries 1/ Agriculture Central government Other sectors Self-employed Transfers Gross income Disposable income Source: Algerian authorities. 1/ Includes social security contributions paid by employees.

19 17 Table 16. Algeria: Labor Force, Employment, and Unemployment, / (In thousands; unless otherwise indicated) Labor force Agriculture Other sectors Employment Agriculture Other sectors Industry Construction and public works Government Other Work at home 2/ Unemployed (in percent of labor force) Youth unemployment 3/ Urban youth unemployment Source: Algerian authorities; and Fund staff estimates. 1/ Data not strictly comparable over time. 2/ Including military draft and irregular employment. The increase in 2004 possibly reflects in part the occurrence of Ramadan shortly after the annual household survey was conducted. 3/ Unemployed of less than 24 years of age in percent of labor force of less than 24 years of age.

20 18 Table 17. Algeria: Summary of Central Government Operations, (In billions of dinars) Total budget revenue and grants 1/ Hydrocarbon revenue 2/ Nonhydrocarbon revenue 1/ Tax revenue Taxes on income and profits Taxes on goods and services Customs duties Registration and stamps Nontax revenues 1/ Fees 1/ Bank of Algeria dividends Dividends from holdings Grants Total budget expenditure Current expenditure Personnel expenditure Mudjahidins' pensions Material and supplies Current transfers 3/ Interest payments Capital expenditure Budget balance Special accounts balance Net lending by Treasury Primary balance 4/ Overall balance 4/ Financing Domestic 5/ Foreign 6/ Sources: Algerian authorities; and Fund staff estimates. 1/ Excluding privatization receipts, which are classified under nonbank financing. 2/ Including dividends on current profits paid by Sonatrach. 3/ Covers expenditures for public services, food subsidies, agricultural price support, and cash transfers forthe poor. 4/ Including special accounts, net lending and operations of the Rehabilitation Fund. 5/ Including debt rescheduling proceeds blocked on account at Bank of Algeria. 6/ Includes external debt rescheduling proceeds.

21 19 Table 18. Algeria: Composition of Central Government Revenue, Total budget revenue and grants 1/ Hydrocarbon revenue Of which: Sonatrach dividends Nonhydrocarbon revenue 1/ Tax revenue Taxes on income and profits Wage income taxes Other Taxes on goods and services VAT and excises on imports VAT and excises on domestic activities VAT on domestic transactions Tobacco and alcohol excises (DIC) VAT on petroleum products/levy Excises on petroleum products Other indirect taxes Customs duties Registration and stamps Nontax revenue 1/ Fees 1/ Bank of Algeria dividends Dividends from holdings Grants Total budget revenue and grants Hydrocarbon revenue Nonhydrocarbon revenue Tax revenue Taxes on income and profits Taxes on goods and services Customs duties Registration and stamps Nontax revenue Grants Sources: Algerian authorities; and Fund staff estimates. 1/ Excluding privatization receipts. (In billions of dinars) (In percent of total budget revenue and grants)

22 20 Table 19. Algeria: Central Government Revenue, (In percent of GDP) Total budget revenue and grants 1/ Hydrocarbon revenue Of which: Sonatrach dividends Nonhydrocarbon revenue 1/ Tax revenue Taxes on income and profits Wage income taxes Other Taxes on goods and services VAT and excises on imports VAT and excises on domestic activities VAT on domestic transactions Tobacco and alcohol excises (DIC) VAT on petroleum products/levy Excises on petroleum products Other indirect taxes Customs duties Registration and stamps Nontax revenue 1/ Fees 1/ Bank of Algeria dividends Dividends from holdings Source: Algerian authorities. 1/ Excluding privatization receipts.

23 21 Table 20. Algeria: Composition of Central Government Expenditure, Budget expenditure Current expenditure Personnel expenditure Wages and salaries Other Mudjahidins' pensions Material and supplies Public services Hospitals Other Current transfers Public works and social assistance Food subsidies Youth Employment Support Fund Other transfers Interest payments Capital expenditure Special accounts balance Net lending by Treasury Total expenditure and net lending Total expenditure and net lending Budget expenditure Current expenditure Personnel expenditure Mudjahidins' pensions Material and supplies Public services Current transfers Interest payments Capital expenditure Special accounts balance Net lending by Treasury Sources: Algerian authorities; and Fund staff estimates. (In billions of dinars) (In percent of total expenditure and net lending)

24 22 Table 21. Algeria: Central Government Expenditure, (In percent of GDP) Total expenditure and net lending Current expenditure Personnel Wages and salaries Other Mudjahidins' pensions Material and supplies Public services Hospitals Other Current transfers Public works and social assistance Food subsidies Youth Employment Support Fund Other transfers Interest on debt Capital expenditure Special accounts balance Net lending by Treasury Sources: Algerian authorities; and Fund staff estimates.

25 23 Table 22. Algeria: Sectoral Allocation of Budgetary Capital Expenditure, / Agriculture and fishery Irrigation and waterworks Industry and energy Tourism Economic infrastructure Housing Education and professional training Social infrastructure Administrative infrastructure Urban development Unallocated Total (Annual percentage change) Agriculture and fishery Irrigation and waterworks Industry and energy Tourism Economic infrastructure Housing Education and professional training Social infrastructure Administrative infrastructure Urban development Unallocated Total Agriculture and fishery Irrigation and waterworks Industry and energy Tourism Economic infrastructure Housing Education and professional training Social infrastructure Administrative infrastructure Urban development Unallocated Total Source: Algerian authorities. 1/ Commitment basis. (In millions of dinars) (In percent of total)

26 24 Table 23. Algeria: Central Government Domestic Debt, (In billions of dinars; end-of-period) Total domestic debt 1/ Equipment bonds and regular securities Central bank overdrafts Refinancing bonds Public enterprises, EPIC, agroindustries Supplementary restructuring debt OPGI (real estate companies) Farmers' debt Banks Solidarity bonds CNAC (unemployment insurance agency) Bonds (CNR-retirement insurance agency) Bonds (CNAS-social security agency) Memorandum items: Domestic debt as percent of GDP GDP (In billions of dinars) Source: Algerian authorities. 1/ Excluding the blocked account at the Bank of Algeria and other deposits.

27 25 Table 24. Algeria: Monetary Survey, / (In billions of dinars) Foreign assets (net) Central bank Commercial banks Net domestic assets Domestic credit Credit to government (net) Central bank 2/ Commercial banks 3/ CCP and treasury deposits Credit to the economy 3/ Government lending funds Medium- and long-term foreign liabilities Other items (net) Money plus quasi-money (M2) Money Currency outside banks Demand deposits Deposits with treasury and postal checking system Quasi-money (Annual percentage change) Money and quasi-money Money Quasi-money Net domestic assets Domestic credit Credit to government 3/ Credit to the economy 3/ (In percent) Memorandum items: Total liquidity/gdp Money/GDP Currency outside banks/gdp Domestic credit/gdp Money/M Currency outside banks/m Money multiplier Nominal GDP (in billions of dinars) Sources: Bank of Algeria; and Fund staff estimates. 1/ Including savings banks. Money and quasi-money include deposits of nonbank financial institutions in the banking system. 2/ Includes, as a net item, deposits of the Banque Algérienne de Développement and ministries with the central bank. 3/ Includes impact of banks' restructuring packages. The conversion of banks' claims on public enterprises in banks' claims on the government results, other things being equal, in a decrease in credit to the economy and an equal increase in credit to the government.

28 26 Table 25. Algeria: Summary Balance Sheet of the Bank of Algeria, Net foreign assets Net domestic assets Credit to government Credit to banks Other credit Other items net Reserve money Currency in circulation Bankers deposits 1/ Net foreign assets Net domestic assets Credit to government Credit to banks Other credit Other items net Reserve money Currency in circulation Bankers deposits 1/ Net foreign assets Net domestic assets Credit to government Credit to banks Reserve money Currency in circulation Bankers deposits 1/ Source: Bank of Algeria. 1/ Includes deposits of nonbank financial institutions. (In billions of dinars) (Annual change; in billions of dinars) (Annual percentage change)

29 27 Table 26. Algeria: Summary Balance Sheet of Deposit Money Banks, Net foreign assets Assets Liabilities Net domestic assets Domestic credit Credit to government Credit to the economy Of which: private sector Claims on central bank Central bank deposit auction Other deposits Of which: required reserves Cash in vault Other items (net) Of which: MLT foreign liabilities Domestic liabilities Demand deposits Time deposits Central bank refinancing Net foreign assets Net domestic assets Credit to government Credit to the economy Claims on central bank Other Domestic liabilities Foreign assets Foreign liabilities Net domestic assets Credit to government Credit to the economy Claims on central bank Other Domestic liabilities Source: Bank of Algeria. (In billions of dinars) (Annual change; in billions of dinars) (Annual percentage change)

30 28 Table 27. Algeria: Distribution of Credit to the Economy by Maturity, / Short-term Medium-term Long-term Total Short-term Medium-term Long-term Total Short-term Medium-term Long-term Total Source: Bank of Algeria. (In billions of dinars; end-of-period) (Annual percentage change) (In percent of total credit) 1/ Conversions of banks' claims on public enterprises to claims on the government results, other things being equal, in a decrease in credit to the economy.

31 29 Table 28. Algeria: Distribution of Credit to the Economy by Sector, Public sector Private sector Local administration Total (Annual percentage change) Public sector Private sector Local administration Total Public sector Private sector Local administration Total Source: Bank of Algeria. (In billions of dinars; end of period) (In percent of total credits)

32 30 Table 29. Algeia: Structure of Interest Rates, (In percent per annum) December Central bank deposit auction 1/ Central bank rediscount Central bank overdraft Money market Repurchase agreements Central bank credit auction Commercial banks' deposit rates Commercial banks' lending rates CNEP (savings and housing bank) Deposit rates Savings accounts Housing accounts Lending rates (housing) Individuals Developers Treasury securities 13 weeks weeks weeks years years years years Memorandum item: Consumer price index (average percentage change) Source: Algerian authorities. 1/ One-week tender rate for ; weighted average of one- and three-month tender rates thereafter.

33 31 Table 30. Algeria: Number of Branches of Financial Institutions, Bank of Algeria Banque de l'agriculture et du Développement Rural (BADR) Banque de Développement Local (BDL) Banque Extérieure d'algérie (BEA) Banque Nationale d'algérie (BNA) Crédit Populaire d'algérie (CPA) Caisse Nationale d'epargne et de Prévoyance (CNEP) Société de Refinancement Hypothécaire (SRH) Caisse Nationale de Mutualité Agricole (CNMA) Union Bank El-Khalifa Bank Mouna Bank Banque Commerciale et Industrielle d'algérie (BCIA) Algerian International Bank Arcobank Compagnie Algérienne de Banque (CAB) Bank El Baraka Citibank Arab Banking Corporation (ABC Algeria) Société Générale Natexis El Amana Bank Al Rayan Algerian Bank Arab Bank BNP Paribas El-Djazair Banque Générale Méditerranéenne TRUST Bank Algeria The Housing Bank for Trade and Finance Algeria Gulf Bank Algeria Sofinance Arab Leasing Corporation Cetelem Fransabank el dzajair Société algérienne de leasing immobilier Maghreb Leasing Algerie 1 1 Total Source: Bank of Algeria.

34 32 Table 31. Algeria: Balance of Payments, (In billions of U.S. dollars; unless otherwise indicated) Current account Trade balance Exports, f.o.b Hydrocarbons Other exports Imports, f.o.b Services and income (net) Services (net) Credit Debit Income (net) Credit Debit Of which: Interest payments Profit repatriation Transfers (net) Capital account Direct investment (net) Loans (net) Drawings Amortization Short-term capital and errors and omissions Overall balance Financing Official reserves (increases -) Fund repurchases Memorandum items: Current account balance (in percent of GDP) Algerian crude oil export unit value (US$/barrel) 1/ Gross official reserves (in billions of US$) In months of next years' imports of goods and services Gross external debt (in billions of US$) External debt/exports (in percent) External debt/gdp (in percent) Debt service (in billions of US$) Debt service/exports (in percent) Interest payments/exports (in percent) GDP (in billions of US$) Sources: Algerian authorities; and Fund staff estimates. 1/ Weighted average of quarterly data.

35 33 (In millions of U.S. dollars) Exports Food Hydrocarbon Raw materials Semi finished Agricultural equipment Industrial equipment Consumer goods Other Total Of which: nonhydrocarbon Imports Food Energy Raw materials Semi finished Agricultural equipment Industrial equipment Consumer goods Direct investment in kind Total (In percent) As share of total exports Nonhydrocarbon As share of total imports Food as share of imports Industrial goods Consumer goods Source: Algerian authorities. Table 32. Algeria: Exports and Imports,

36 34 Table 33. Algeria: Volume of Hydrocarbon Exports, (In billions of BTUs) Liquid petroleum products Crude oil Condensate Refined petroleum products LPG Total liquid petroleum Natural gas piped and LNG Natural gas piped LNG Total gas Total hydrocarbon (In percent of total hydrocarbon volume) Liquid petroleum products Crude oil Condensate Refined petroleum products LPG Total Natural gas and LNG Natural gas LNG Total Source: Algerian authorities.

37 35 Table 34. Algeria: Hydrocarbon Exports, Crude oil Value (in millions of US$) Of which: Profit repatriation of partners Volume (in millions of barrels) Unit price (in US$ per barrel) Condensate Value (in millions of US$) Of which: Profit repatriation of partners Volume (in millions of barrels) Unit price (in US$ per barrel) Refined petroleum products Value (in millions of US$) Volume (in millions of barrels) Unit price (in US$ per barrel) LPG Value (in millions of US$) Of which: Profit repatriation of partners Volume (in millions of barrels) Unit price (in US$ per barrel) LNG Value (in millions of US$) Volume (in billions of c.m. dry gas equivalent) Unit price (in US$ per thousand c.m.) Natural gas piped (NG) Value (in millions of US$) Of which: Profit repatriation of partners Volume (in billions of c.m.) Unit price (in US$ per thousand c.m.) Total hydrocarbon receipts (in million of US$) Of which: Share of Sonatrach's partners Oil products Crude oil Condensate Refined petroleum products LPG Gas LNG NG Source: Algerian authorities.

38 36 Table 35. Algeria: Trade Indices, (1995 = 100) Total export volume index Nonhydrocarbon export volume index Total import volume index Food import volume index Terms of trade index (Annual percentage change) Total export volume index Nonhydrocarbon export volume index Total import volume index Food import volume index Terms of trade index Sources: Algerian authorities; and Fund staff calculations.

39 37 Table 36. Algeria: External Debt, / (In millions of U.S. dollars; unless otherwise indicated) Total external debt Long-term debt Official creditors Multilateral (excluding IMF) Of which: World Bank Bilateral Concessional Private creditors Commercial banks Supplier 2/ Other private IMF Short-term debt Disbursements Official creditors Multilateral (excluding IMF) Of which: World Bank Bilateral Private creditors IMF purchases Principal repayment Official creditors Multilateral (excluding IMF) Of which: World Bank Bilateral Private creditors IMF repurchases Interest payments Official creditors Multilateral (excluding IMF) Of which: World Bank Bilateral Private creditors IMF charges Short-term debt Total debt service Official creditors Multilateral (excluding IMF) Bilateral Private creditors IMF repurchases and charges Short-term debt

40 38 Table 36. Algeria: External Debt, / (concluded) (In millions of U.S. dollars; unless otherwise indicated) Debt restructurings Total amount rescheduled Principal rescheduled Official creditors Private creditors Interest rescheduled Official creditors Private creditors Interest (in percent) Maturity (in years) Grace period (in years) Grant element (in percent) Interest (in percent) Maturity (in years) Grace period (in years) Grant element (in percent) Source: World Bank, Debtor Reporting System (DRS). 1/ DRS data used in this table may not correspond exactly to the external debt data published by the Algerian authorities. 2/ Suppliers' credits comprise export credit guaranteed by an export credit agency as well as other supplier's credit arranged directly with suppliers.

41 39 Table 38. Nominal and Real Effective Exchange Rates, (2000 = 100) Q1 Q2 Q3 Q Source: International Monetary Fund. Nominal effective exchange rate Real effective exchange rate