Economy - overview:
Albania, a formerly closed, centrally-planned state, is making the difficult transition to a more modern open-market economy. Albania managed to weather the first waves of the global financial crisis but, more recently, its negative effects have put some pressure on the Albanian economy. While the government is focused on establishing a favorable business climate through the simplification of licensing requirements and tax codes, it entered into a new arrangement with the IMF for additional financial and technical support. Remittances, a significant catalyst for economic growth declined from 12-15% of GDP before the 2008 financial crisis to 7% of GDP in 2012, mostly from Albanians residing in Greece and Italy. The agricultural sector, which accounts for almost half of employment but only about one-fifth of GDP, is limited primarily to small family operations and subsistence farming, because of a lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land. Complex tax codes and licensing requirements, a weak judicial system, poor enforcement of contracts and property issues, and antiquated infrastructure contribute to Albania's poor business environment and makes attracting foreign investment more difficult. Inward FDI is among the lowest in the region, but the government has embarked on an ambitious program to improve the business climate through fiscal and legislative reforms. Albania�?"s energy supply has improved in recent years mostly due to upgraded transmission capacities that Albania has developed with its neighboring countries. However, technical and non-technical losses - including energy theft and non-payment - continue to be a threat to the financial viability of the entire system. Also, with help from international donors, the government is taking steps to improve the poor national road and rail network, a long-standing barrier to sustained economic growth. The country will continue to face challenges from increasing public debt, having exceeded its former statutory limit of 60% of GDP in 2013. Strong trade, remittance, and banking sector ties with Greece and Italy make Albania vulnerable to spillover effects of debt crises and weak growth in the euro zone.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Exchange rates:
NOTE: 1) The information regarding Albania on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Albania Economy 2015 information contained here. All suggestions for corrections of any errors about Albania Economy 2015 should be addressed to the CIA.
$28.34 billion (2013 est.)
country comparison to the world: 116
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$12.8 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
0.7% (2013 est.)
country comparison to the world: 181
[see also: GDP - real growth rate country ranks ]
$10,700 (2013 est.)
country comparison to the world: 115
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
14.1% of GDP (2013 est.)
country comparison to the world: 113
[see also: Gross national saving country ranks ]
household consumption:
87.6%
government consumption:
8.4%
investment in fixed capital:
25%
investment in inventories:
-2.6%
exports of goods and services:
36%
imports of goods and services:
-54.4%
agriculture:
19.5%
industry:
12%
services:
68.5%
wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products; sheep
food and tobacco products; textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower
3.1% (2013 est.)
country comparison to the world: 93
[see also: Industrial production growth rate country ranks ]
1.098 million (2013 est.)
country comparison to the world: 140
[see also: Labor force country ranks ]
agriculture:
54.6%
industry:
12.8%
services:
32.6%
16.9% (2013 est.)
country comparison to the world: 148
note:
these are official rates that may not include those working at near-subsistence farming
[see also: Unemployment rate country ranks ]
14.3% (2012 est.)
[see also: Population below poverty line country ranks ]
lowest 10%:
3.5%
highest 10%:
29% (2008)
34.5 (2008)
country comparison to the world: 92
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$3.074 billion
expenditures:
$3.858 billion (2013 est.)
24% of GDP (2013 est.)
country comparison to the world: 137
[see also: Taxes and other revenues country ranks ]
-6.1% of GDP (2013 est.)
country comparison to the world: 179
[see also: Budget surplus (+) or deficit (-) country ranks ]
70.5% of GDP (2013 est.)
country comparison to the world: 38
[see also: Public debt country ranks ]
calendar year
1.7% (2013 est.)
country comparison to the world: 54
[see also: Inflation rate (consumer prices) country ranks ]
$NA (31 December 2013 est.)
country comparison to the world: 96
[see also: Central bank discount rate country ranks ]
9.52% (31 December 2013 est.)
country comparison to the world: 80
[see also: Commercial bank prime lending rate country ranks ]
$2.791 billion (31 December 2013 est.)
country comparison to the world: 117
[see also: Stock of narrow money country ranks ]
$6.539 billion (31 December 2013 est.)
country comparison to the world: 118
[see also: Stock of broad money country ranks ]
$5.17 billion (31 December 2013 est.)
country comparison to the world: 112
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
-$1.28 billion (2013 est.)
country comparison to the world: 126
[see also: Current account balance country ranks ]
$2.323 billion (2013 est.)
country comparison to the world: 140
[see also: Exports country ranks ]
textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco
Italy 51.1%, Spain 9.2%, Turkey 6.3%, Greece 4.4% (2012)
$4.835 billion (2013 est.)
country comparison to the world: 130
[see also: Imports country ranks ]
machinery and equipment, foodstuffs, textiles, chemicals
Italy 31.9%, Greece 9.5%, China 6.4%, Germany 6%, Turkey 5.7% (2012)
$2.827 billion (31 December 2013 est.)
country comparison to the world: 111
[see also: Reserves of foreign exchange and gold country ranks ]
$3.213 billion (31 December 2013 est.)
country comparison to the world: 135
[see also: Debt - external country ranks ]
$4.226 billion (31 December 2011)
country comparison to the world: 93
[see also: Stock of direct foreign investment - at home country ranks ]
leke (ALL) per US dollar -
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 10-Feb-15