Albania Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

future hopeful EU member state; oil and gas exporter but investing toward a “blue economy”; COVID-19 and earthquake economic disruptions and declines; experiencing high debt and account balances; strengthening private sector growth and public sector trust

Real GDP (purchasing power parity)

$40.822 billion (2021 est.)

$37.619 billion (2020 est.)

$38.976 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

8.52% (2021 est.)

-3.48% (2020 est.)

2.09% (2019 est.)

Real GDP per capita

$14,500 (2021 est.)

$13,300 (2020 est.)

$13,700 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$15.273 billion (2019 est.)

Inflation rate (consumer prices)

2.04% (2021 est.)

1.62% (2020 est.)

1.41% (2019 est.)

Credit ratings

Moody's rating: B1 (2007)

Standard & Poors rating: B+ (2016)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 21.7% (2017 est.)

industry: 24.2% (2017 est.)

services: 54.1% (2017 est.)

GDP - composition, by end use

household consumption: 78.1% (2017 est.)

government consumption: 11.5% (2017 est.)

investment in fixed capital: 25.2% (2017 est.)

investment in inventories: 0.2% (2017 est.)

exports of goods and services: 31.5% (2017 est.)

imports of goods and services: -46.6% (2017 est.)

Agricultural products

milk, maize, tomatoes, potatoes, watermelons, wheat, grapes, cucumbers, onions, apples

Industries

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

Industrial production growth rate

16% (2021 est.)

Labor force

1.378 million (2021 est.)

Labor force - by occupation

agriculture: 41.4%

industry: 18.3%

services: 40.3% (2017 est.)

Unemployment rate

11.82% (2021 est.)

13.33% (2020 est.)

11.47% (2019 est.)

note: these official rates may not include those working at near-subsistence farming

Youth unemployment rate (ages 15-24)

total: 27.8%

male: 28%

female: 27.6% (2021 est.)

Population below poverty line

14.3% (2012 est.)

Gini Index coefficient - distribution of family income

30.8 (2019 est.)

Household income or consumption by percentage share

lowest 10%: 4.1%

highest 10%: 19.6% (2015 est.)

Budget

revenues: $4.19 billion (2019 est.)

expenditures: $4.489 billion (2019 est.)

Budget surplus (+) or deficit (-)

-2% (of GDP) (2017 est.)

Public debt

84.06% of GDP (2020 est.)

75.7% of GDP (2019 est.)

64.57% of GDP (2018 est.)

Taxes and other revenues

17.02% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$1.37 billion (2021 est.)

-$1.315 billion (2020 est.)

-$1.219 billion (2019 est.)

Exports

$5.612 billion (2021 est.)

$3.461 billion (2020 est.)

$4.822 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Italy 45%, Spain 8%, Germany 6%, Greece 5%, France 4%, China 4% (2019)

Exports - commodities

leather footwear and parts, electricity, crude petroleum, iron alloys, clothing, insulated wiring (2021)

note: Albanian cannabis production remains a significant illicit trade export

Imports

$8.004 billion (2021 est.) note: data are in current year dollars

$5.671 billion (2020 est.) note: data are in current year dollars

$6.926 billion (2019 est.) note: data are in current year dollars

Imports - partners

Italy 28%, Greece 12%, China 11%, Turkey 9%, Germany 5% (2019)

Imports - commodities

refined petroleum, cars, tanned hides, packaged medical supplies, footwear parts (2019)

Reserves of foreign exchange and gold

$5.635 billion (31 December 2021 est.)

$4.817 billion (31 December 2020 est.)

$3.764 billion (31 December 2019 est.)

Debt - external

$9.311 billion (2019 est.)

$9.547 billion (2018 est.)

Exchange rates

leke (ALL) per US dollar -

103.52 (2021 est.)

108.65 (2020 est.)

109.851 (2019 est.)

107.989 (2018 est.)

119.1 (2017 est.)

NOTE: The information regarding Albania on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Albania 2023 information contained here. All suggestions for corrections of any errors about Albania 2023 should be addressed to the CIA or the source cited on each page.