Algeria's economic growth rate, excluding the hydrocarbon sector, reached 4.7% in the first half of the year, Prime Minister Abdelaziz Belkhadem said on the "Tahaoula" radio programme on Tuesday (October 31st). The boost was driven by the services sector. A report by Algeria's National Insurance Council said the insurance sector recorded turnover of 22.8 billion dinars in the same period, up 9.2% compared to 2005. The largest share of insurance premiums was car insurance, occupying increasing 14% to 47% of total turnover. Risk insurance was up 9% to 35.2%.

Algerian hydrocarbon sector growth slowed due to difficulties in installing new facilities and maintenance procedures, which led to declining output, Belkhadem said. Results from the first quarter are in line with Finance Ministry projections of 5% gross domestic product growth this year, down from 5.1% in an earlier Central Bank forecast. Non-oil sector growth is expected to be between 5% and 9% this year, compared to 4.7% in 2005.

Algeria's non-hydrocarbon economic growth reaches 4.7% in first half of year