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Albania Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Albania Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Albania, a formerly closed, centrally-planned state, is a developing country with a modern open-market economy. Albania managed to weather the first waves of the global financial crisis but, the negative effects of the crisis caused a significant economic slowdown. Since 2014, Albania’s economy has steadily improved and economic growth reached 3.8% in 2017. However, close trade, remittance, and banking sector ties with Greece and Italy make Albania vulnerable to spillover effects of possible debt crises and weak growth in the euro zone.Remittances, a significant catalyst for economic growth, declined from 12-15% of GDP before the 2008 financial crisis to 5.8% of GDP in 2015, mostly from Albanians residing in Greece and Italy. The agricultural sector, which accounts for more than 40% of employment but less than one quarter 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, endemic corruption, poor enforcement of contracts and property issues, and antiquated infrastructure contribute to Albania's poor business environment making attracting foreign investment difficult. Since 2015, Albania has launched an ambitious program to increase tax compliance and bring more businesses into the formal economy. In July 2016, Albania passed constitutional amendments reforming the judicial system in order to strengthen the rule of law and to reduce deeply entrenched corruption.Albania’s electricity supply is uneven despite upgraded transmission capacities with neighboring countries. However, the government has recently taken steps to stem non-technical losses and has begun to upgrade the distribution grid. Better enforcement of electricity contracts has improved the financial viability of the sector, decreasing its reliance on budget support. Also, with help from international donors, the government is taking steps to improve the poor road and rail networks, a long standing barrier to sustained economic growth.Inward FDI has increased significantly in recent years as the government has embarked on an ambitious program to improve the business climate through fiscal and legislative reforms. The government is focused on the simplification of licensing requirements and tax codes, and it entered into a new arrangement with the IMF for additional financial and technical support. Albania’s three-year IMF program, an extended fund facility arrangement, was successfully concluded in February 2017. The Albanian Government has strengthened tax collection amid moderate public wage and pension increases in an effort to reduce its budget deficit. The country continues to face high public debt, exceeding its former statutory limit of 60% of GDP in 2013 and reaching 72% in 2016.

GDP (purchasing power parity):
$35.87 billion (2017 est.) $34.59 billion (2016 est.) $33.46 billion (2015 est.)
note: data are in 2017 dollars unreported output may be as large as 50% of official GDP
country comparison to the world: 126

GDP (official exchange rate):
$13 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.7% (2017 est.) 3.4% (2016 est.) 2.2% (2015 est.)
country comparison to the world: 83
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$12,500 (2017 est.) $12,000 (2016 est.) $11,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 124

Gross national saving:
15.6% of GDP (2017 est.) 15.9% of GDP (2016 est.) 16.3% of GDP (2015 est.)
country comparison to the world: 122
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 77.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 27%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 29.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -45.2% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 22.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 53.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
wheat, corn, potatoes, vegetables, fruits, olives and olive oil, grapes; meat, dairy products; sheep and goats

Industries:
food; footwear, apparel and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower

Industrial production growth rate:
3.5% (2017 est.)
country comparison to the world: 82
[see also: Industrial production growth rate country ranks ]

Labor force:
1.407 million (2017 est.)
country comparison to the world: 135
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 41.8%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 11.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 46.8% (December 2014 est)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
14% (2017 est.) 15.2% (2016 est.)
note: these official rates may not include those working at near-subsistence farming
country comparison to the world: 168
[see also: Unemployment rate country ranks ]

Population below poverty line:
14.3% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 4.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 19.6% (2015 est.)

Distribution of family income - Gini index:
29 (2012 est.) 30 (2008 est.)
country comparison to the world: 131
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $3.486 billion
[see also: Budget - revenues country ranks ]
expenditures: $3.765 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
26.8% of GDP (2017 est.)
country comparison to the world: 105
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.1% of GDP (2017 est.)
country comparison to the world: 87
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
71.3% of GDP (2017 est.) 72% of GDP (2016 est.)
country comparison to the world: 49
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.1% (2017 est.) 1.3% (2016 est.)
country comparison to the world: 97
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.25% (31 December 2016) 1.75% (31 December 2015)
country comparison to the world: 124
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
7.2% (31 December 2017 est.) 9.65% (31 December 2016 est.)
country comparison to the world: 117
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$3.979 billion (31 December 2017 est.) $3.397 billion (31 December 2016 est.)
country comparison to the world: 112
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$6.665 billion (31 December 2017 est.) $5.75 billion (31 December 2016 est.)
country comparison to the world: 122
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$8.147 billion (31 December 2017 est.) $7.065 billion (31 December 2016 est.)
country comparison to the world: 114
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.201 billion (2017 est.) -$899 million (2016 est.)
country comparison to the world: 139
[see also: Current account balance country ranks ]

Exports:
$960.9 million (2017 est.) $789.1 million (2016 est.)
country comparison to the world: 160
[see also: Exports country ranks ]

Exports - commodities:
apparel and clothing, footwear; asphalt, metals and metallic ores, crude oil; cement and construction materials, vegetables, fruits, tobacco

Exports - partners:
Italy 50.5%, Serbia 8.1%, Kosovo 7.5%, Greece 4.2% (2016)

Imports:
$4.084 billion (2017 est.) $3.671 billion (2016 est.)
country comparison to the world: 132
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, foodstuffs, textiles, chemicals

Imports - partners:
Italy 29%, Germany 9.4%, China 8.7%, Greece 7.8%, Turkey 7.8%, Serbia 4.1% (2016)

Reserves of foreign exchange and gold:
$3.274 billion (31 December 2017 est.) $3.109 billion (31 December 2016 est.)
country comparison to the world: 102
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$8.579 billion (31 December 2017 est.) $8.421 billion (31 December 2016 est.)
country comparison to the world: 120
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$6.056 billion (31 December 2014) $5.459 billion (31 December 2013)
country comparison to the world: 102
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
leke (ALL) per US dollar - 121.9 (2017 est.) 124.14 (2016 est.) 124.14 (2015 est.) 125.96 (2014 est.) 105.48 (2013 est.)


NOTE: 1) The information regarding Albania on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Albania Economy 2018 information contained here. All suggestions for corrections of any errors about Albania Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The 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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