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Albania Economy 2017
https://theodora.com/wfbcurrent/albania/albania_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Albania Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

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, more recently, the negative effects of the crisis have caused a significant economic slowdown. Close 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.Remittances, a significant catalyst for economic growth, declined from 12-15% of GDP before the 2008 financial crisis to 5.7% of GDP in 2014, 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, endemic corruption, poor enforcement of contracts and property issues, and antiquated infrastructure contribute to Albania's poor business environment making attracting foreign investment difficult.Albania’s electricity supply is uneven despite upgraded transmission capacities with neighboring countries. Technical and non-technical losses in electricity - including theft and non-payment - continue to undermine the financial viability of the entire system, although the government has taken steps to stem non-technical losses and has begun to upgrade the distribution grid. 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.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 IMF program may be at risk, however, because the government has not collected sufficient tax revenue needed to reduce the budget deficit. The country continues to face increasing public debt, exceeding its former statutory limit of 60% of GDP in 2013 and reaching 73% in 2015.

GDP (purchasing power parity):
$34.21 billion (2016 est.) $33.09 billion (2015 est.) $32.2 billion (2014 est.)
note: data are in 2016 dollars unreported output may be as large as 50% of official GDP
country comparison to the world: 125
[see also: GDP country ranks ]

GDP (official exchange rate):
$12.14 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.4% (2016 est.) 2.8% (2015 est.) 1.8% (2014 est.)
country comparison to the world: 82
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$11,900 (2016 est.) $11,500 (2015 est.) $11,100 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 127
[see also: GDP - per capita country ranks ]

Gross national saving:
15.6% of GDP (2016 est.) 15% of GDP (2015 est.) 13% of GDP (2014 est.)
country comparison to the world: 116
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 85.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.4%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 27.6%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 37.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -62.3% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 21.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 14.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 63.5% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products; sheep

Industries:
food and tobacco products; textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower

Industrial production growth rate:
2.9% (2016 est.)
country comparison to the world: 83
[see also: Industrial production growth rate country ranks ]

Labor force:
1.179 million (2016 est.)
country comparison to the world: 138
[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:
17.3% (2015 est.) 17.5% (2014 est.)
note: these official rates may not include those working at near-subsistence farming
country comparison to the world: 162
[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%: 20.5% (2012)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
29 (2012 est.) 30 (2008 est.)
country comparison to the world: 126
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $3.203 billion
[see also: Budget revenues country ranks ]
expenditures: $3.546 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
26.4% of GDP (2016 est.)
country comparison to the world: 103
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.8% of GDP (2016 est.)
country comparison to the world: 97
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
71% of GDP (2016 est.) 71.4% of GDP (2015 est.)
country comparison to the world: 44
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.2% (2016 est.) 1.9% (2015 est.)
country comparison to the world: 77
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2.25% (31 December 2014) 3% (31 December 2013)
country comparison to the world: 112
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.1% (31 December 2016 est.) 8.7% (31 December 2015 est.)
country comparison to the world: 93
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$3.01 billion (31 December 2016 est.) $3.054 billion (31 December 2015 est.)
country comparison to the world: 117
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$5.588 billion (31 December 2016 est.) $5.756 billion (31 December 2015 est.)
country comparison to the world: 128
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$7.008 billion (31 December 2016 est.) $7.18 billion (31 December 2015 est.)
country comparison to the world: 112
[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:
-$1.612 billion (2016 est.) -$1.281 billion (2015 est.)
country comparison to the world: 143
[see also: Current account balance country ranks ]

Exports:
$810.5 million (2016 est.) $854.7 million (2015 est.)
country comparison to the world: 166
[see also: Exports country ranks ]

Exports - commodities:
textiles, footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco

Exports - partners:
Italy 43.4%, Kosovo 9.8%, US 7.7%, China 6.2%, Greece 5.3%, Spain 4.8% (2015)

Imports:
$3.613 billion (2016 est.) $3.402 billion (2015 est.)
country comparison to the world: 132
[see also: Imports country ranks ]

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

Imports - partners:
Italy 33.5%, China 10.1%, Greece 9%, Turkey 6.7%, Germany 5.2% (2015)

Reserves of foreign exchange and gold:
$3.213 billion (31 December 2016 est.) $3.139 billion (31 December 2015 est.)
country comparison to the world: 101
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$7.797 billion (31 December 2016 est.) $7.716 billion (31 December 2015 est.)
country comparison to the world: 118
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$5.557 billion (31 December 2013) $4.994 billion (31 December 2012)
country comparison to the world: 99
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
leke (ALL) per US dollar - 127.4 (2016 est.) 125.96 (2015 est.) 125.96 (2014 est.) 105.48 (2013 est.) 108.19 (2012 est.)


NOTE: The information regarding Albania on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Albania Economy 2017 information contained here. All suggestions for corrections of any errors about Albania Economy 2017 should be addressed to the CIA.




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