Following the April 2, 2019 resignation of President Abdelaziz Bouteflika, Algeria entered into a transition period headed by an interim president. In December 2019, new president Abdelmadjid Tebboune was sworn in after elections that were largely boycotted.
Algeria’s state enterprise-dominated economy has traditionally been a challenging market, though one that offers compelling opportunities. Multiple sectors offer opportunities for long-term growth for foreign companies, with many having reported double-digit annual profits. Sectors primed for continued growth include agriculture, tourism, information and communications technology, manufacturing, energy (both fossil fuel and renewable), construction, and healthcare. A 2016 investment law offers lucrative, long-term tax exemptions, along with other incentives. Rising oil prices in the latter half of 2018 helped reduce the trade deficit and restore some revenue to the government budget, though government spending is still higher than revenue.