Economy - overview:
Albania, a formerly closed, centrally-planned state, is making the difficult transition to a more modern open-market economy. Macroeconomic growth averaged around 6% between 2004-08, but declined to about 3% in 2009-10. Inflation is low and stable. The government has taken measures to curb violent crime, and recently adopted a fiscal reform package aimed at reducing the large gray economy and attracting foreign investment. The economy is bolstered by annual remittances from abroad representing about 15% of GDP, mostly from Albanians residing in Greece and Italy; this helps offset the towering trade deficit. The agricultural sector, which accounts for over half of employment but only about one-fifth of GDP, is limited primarily to small family operations and subsistence farming because of lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land. Energy shortages because of a reliance on hydropower, and antiquated and inadequate infrastructure contribute to Albania's poor business environment and lack of success in attracting new foreign investment needed to expand the country's export base. The completion of a new thermal power plant near Vlore has helped diversify generation capacity, and plans to upgrade transmission lines between Albania and Montenegro and Kosovo would help relieve the energy shortages. Also, with help from EU funds, the government is taking steps to improve the poor national road and rail network, a long-standing barrier to sustained economic growth.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: 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: Investment (gross fixed): Budget: Public debt: 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: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Oil - proved reserves: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
NOTE: The information regarding Albania on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Albania Economy 2011 information contained here. All suggestions for corrections of any errors about Albania Economy 2011 should be addressed to the CIA.
$23.95 billion (2010 est.)
country comparison to the world: 115
note:
data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]
$11.58 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]
3.1% (2010 est.)
country comparison to the world: 114
[see also: GDP - real growth rate country ranks ]
$8,000 (2010 est.)
country comparison to the world: 124
note:
data are in 2010 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 21.2%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
19.5%
[see also: GDP - composition by sector - industry country ranks ]
services:
59.3% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]
1.1 million (2009 est.)
country comparison to the world: 140
[see also: Labor force country ranks ]
agriculture: 58%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
15%
[see also: Labor force - by occupation - industry country ranks ]
services:
27% (September 2006 est.)
[see also: Labor force - by occupation - services country ranks ]
12.7% (2010 est.)
country comparison to the world: 134
note:
these are official rates, but actual rates may exceed 30% due to preponderance of near-subsistence farming
[see also: Unemployment rate country ranks ]
25% (2004 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 3.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
25.9% (2005)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
26.7 (2005)
country comparison to the world: 126
[see also: Distribution of family income - Gini index country ranks ]
29.8% of GDP (2009 est.)
country comparison to the world: 19
[see also: Investment (gross fixed) country ranks ]
revenues: $3.099 billion
[see also: Budget - revenues country ranks ]
expenditures:
$3.521 billion (2009 est.)
[see also: Budget - expenditures country ranks ]
59.3% of GDP (2010 est.)
country comparison to the world: 34
[see also: Public debt country ranks ]
3.4% (2010 est.)
country comparison to the world: 99
[see also: Inflation rate (consumer prices) country ranks ]
5.25% (31 December 2009)
country comparison to the world: 71
[see also: Central bank discount rate country ranks ]
12.66% (31 December 2009 est.)
country comparison to the world: 63
[see also: Commercial bank prime lending rate country ranks ]
$2.708 billion (31 December 2010 est)
[see also: Stock of narrow money country ranks ]
$9.096 billion (31 December 2009)
[see also: Stock of broad money country ranks ]
$7.701 billion (31 December 2010 est.)
country comparison to the world: 104
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products
food processing, textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower
3% (2009 est.)
country comparison to the world: 103
[see also: Industrial production growth rate country ranks ]
2.888 billion kWh (2007 est.)
country comparison to the world: 124
[see also: Electricity - production country ranks ]
3.603 billion kWh (2007 est.)
country comparison to the world: 118
[see also: Electricity - consumption country ranks ]
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]
2.475 billion kWh (2008 est.)
[see also: Electricity - imports country ranks ]
5,400 bbl/day (2009 est.)
country comparison to the world: 92
[see also: Oil - production country ranks ]
36,000 bbl/day (2009 est.)
country comparison to the world: 109
[see also: Oil - consumption country ranks ]
749 bbl/day (2005 est.)
country comparison to the world: 123
[see also: Oil - exports country ranks ]
24,080 bbl/day (2007 est.)
country comparison to the world: 107
[see also: Oil - imports country ranks ]
199.1 million bbl (1 January 2010 est.)
country comparison to the world: 58
[see also: Oil - proved reserves country ranks ]
30 million cu m (2008 est.)
country comparison to the world: 86
[see also: Natural gas - production country ranks ]
30 million cu m (2008 est.)
country comparison to the world: 109
[see also: Natural gas - consumption country ranks ]
0 cu m (2008 est.)
country comparison to the world: 206
[see also: Natural gas - exports country ranks ]
0 cu m (2008 est.)
country comparison to the world: 71
[see also: Natural gas - imports country ranks ]
849.5 million cu m (1 January 2010 est.)
country comparison to the world: 100
[see also: Natural gas - proved reserves country ranks ]
-$1.245 billion (2010 est.)
country comparison to the world: 143
[see also: Current account balance country ranks ]
$1.339 billion (2010 est.)
country comparison to the world: 145
[see also: Exports country ranks ]
textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco
Italy 58.75%, Greece 9.69%, Austria 6.73%, China 5.68% (2009)
$4.337 billion (2010 est.)
country comparison to the world: 127
[see also: Imports country ranks ]
machinery and equipment, foodstuffs, textiles, chemicals
Italy 29.94%, Greece 14.05%, Turkey 7.1%, Germany 6.9%, China 5.39% (2009)
$1.992 billion (31 December 2010 est.)
country comparison to the world: 98
[see also: Reserves of foreign exchange and gold country ranks ]
$1.55 billion (2004)
country comparison to the world: 144
[see also: Debt - external country ranks ]
leke (ALL) per US dollar - 106.5 (2010), 94.979 (2009), 79.546 (2008), 92.668 (2007), 98.384 (2006)
This page was last modified 09-Feb-11