Algeria's Recent National Accounts Revision Leads to Significant Reclassification by the World Bank
The recent revision of Algeria's national accounts, carried out by the authorities to conform to international standards, has led to a significant reclassification of this North African country.
According to the new classification published by the World Bank on July 1, 2024, Algeria has moved from the lower-middle-income country category to the upper-middle-income country category.
This annual update is based on the gross national income (GNI) per capita of the previous year, calculated in current dollars using the Atlas method.
The revision of Algeria's national accounts has revealed a notable average growth rate of 13.3% in GDP over the period 2018-2022, resulting from a better estimation of investment, improved methods for measuring public production, and better coverage of the informal economy.
As a consequence, the GNI per capita has increased from $3,900 to $4,960 between 2022-2023 and 2023-2024, propelling Algeria into the upper-middle-income country category, where the GNI per capita ranges from $4,517 to $14,000.