Albania Economy - 2024

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 (2021)

Standard & Poors rating: B+ (2020)

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.)

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% (2021 est.)

male: 28%

female: 27.6%

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.)

Remittances

9.41% of GDP (2021 est.)
9.69% of GDP (2020 est.)
9.56% of GDP (2019 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 -

Exchange rates:
103.52 (2021 est.)
108.65 (2020 est.)
109.851 (2019 est.)
107.989 (2018 est.)
119.1 (2017 est.)