The Corrective Finance Law of 2023 was issued in Issue 70 of the Official Gazette, which was signed by the President of the Republic. It includes a set of measures, especially those aimed at preserving the purchasing power of families, enhancing food security, and supporting the public investment program for the benefit of some states.
Law 23-15, dated November 5, anticipates an increase in state budget revenues by about 13 percent, to reach approximately 9,000 billion dirhams, and an increase in expenditures to more than 14,700 billion dirhams (+ 6.7 percent).
The text that was approved at the level of both houses of Parliament last October expects exceptional revenues to rise to 1,410 billion dinars, including 848 billion dinars from Sonatrach and 400 billion dinars from the profits of the Bank of Algeria.
According to the same law, exports are expected to reach $52.8 billion in 2023, an increase of $6.5 billion compared to the estimates of the 2023 Finance Law, while imports of goods are expected to reach $41.5 billion (+ 12.5 percent).
The law’s data was based on a reference (tax) price and the market price of a barrel of crude oil at $60 and $70 per barrel, respectively.
As for economic growth, it is expected to reach 5.3 percent during the current year, compared to 4.1 percent, driven mainly by the growth of the hydrocarbon sector (+ 6.1 percent). The gross domestic product outside the hydrocarbon sector will also record a growth of 4.9 percent.
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