The Algerian economy grew by 2.6% in 2011. The rate of inflation was 3.9% and the budget deficit 3% of gross domestic product (GDP). The current-account surplus is estimated at 9.3% of GDP and at the end of December 2011, official reserves were put at USD 182.2 billion. If hydrocarbons are excluded, growth has been estimated at 4.8%. Production from the oil and gas sector in terms of volume, continues to decline, dropping from 43.2 million tonnes to 32 million tonnes between 2007 and 2011. Nevertheless, the sector accounted for 98% of the total volume of exports in 2011 and 70% of budgetary receipts, or USD 71.4 billion. The agricultural sector and services recorded growth of 10% and 5.3%, respectively. Fiscal policy remained expansionist and made it possible to maintain the pace of public investment and to contain the strong demand for jobs and housing. Growth of 3.1% is expected in 2012, rising to 4.2% in 2013.