Kosovo Economy - 2024

Economic overview

small-but-growing European economy; non-EU member but unilateral euro user; very high unemployment, especially youth; vulnerable reliance on diaspora tourism services, curtailed by COVID-19 disruptions; unclear public loan portfolio health

Real GDP (purchasing power parity)

$21.226 billion (2021 est.)
$19.166 billion (2020 est.)
$20.247 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

10.75% (2021 est.)
-5.34% (2020 est.)
4.76% (2019 est.)

Real GDP per capita

$11,900 (2021 est.)
$10,700 (2020 est.)
$11,300 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$7.926 billion (2019 est.)

Inflation rate (consumer prices)

3.35% (2021 est.)
0.2% (2020 est.)
2.68% (2019 est.)

GDP - composition, by sector of origin

agriculture: 11.9% (2017 est.)

industry: 17.7% (2017 est.)

services: 70.4% (2017 est.)

GDP - composition, by end use

household consumption: 84.3% (2017 est.)

government consumption: 13.6% (2017 est.)

investment in fixed capital: 29% (2017 est.)

investment in inventories: 0% (2016 est.)

exports of goods and services: 27% (2017 est.)

imports of goods and services: -53.8% (2017 est.)

Agricultural products

wheat, corn, berries, potatoes, peppers, fruit; dairy, livestock; fish

Industries

mineral mining, construction materials, base metals, leather, machinery, appliances, foodstuffs and beverages, textiles

Industrial production growth rate

7.76% (2021 est.)

Labor force

500,300 (2017 est.)

note: includes those estimated to be employed in the gray economy

Unemployment rate

30.5% (2017 est.)
27.5% (2016 est.)

note: Kosovo has a large informal sector that may not be reflected in these data

Youth unemployment rate (ages 15-24)

total: 48.8% (2020 est.)

male: 44.9%

female: 57.3%

Population below poverty line

17.6% (2015 est.)

Gini Index coefficient - distribution of family income

29 (2017 est.)

Household income or consumption by percentage share

lowest 10%: 3.8%

highest 10%: 22% (2015 est.)

Remittances

17.95% of GDP (2021 est.)
18.61% of GDP (2020 est.)
15.81% of GDP (2019 est.)

Budget

revenues: $1.951 billion (2020 est.)

expenditures: $2.547 billion (2020 est.)

Budget surplus (+) or deficit (-)

-2.1% (of GDP) (2017 est.)

Public debt

21.2% of GDP (2017 est.)
19.4% of GDP (2016 est.)

Taxes and other revenues

29% (of GDP) (2017 est.)

Current account balance

-$818.351 million (2021 est.)
-$541.106 million (2020 est.)
-$447.233 million (2019 est.)

Exports

$3.138 billion (2021 est.) note: data are in current year dollars
$1.687 billion (2020 est.) note: data are in current year dollars
$2.312 billion (2019 est.) note: data are in current year dollars

Exports - partners

United States 16%, Albania 15%, North Macedonia 12%, Germany 8%, Italy 8% (2021)

Exports - commodities

mattress materials, iron alloys, metal piping, scrap iron, building plastics, mineral water, seating (2021)

Imports

$6.128 billion (2021 est.) note: data are in current year dollars
$4.187 billion (2020 est.) note: data are in current year dollars
$4.454 billion (2019 est.) note: data are in current year dollars

Imports - partners

Germany 13%, Turkey 13%, China 10%, Serbia 7%, Italy 6% (2021)

Imports - commodities

refined petroleum, cars, iron rods, electricity, cigars, packaged medicines (2021)

Reserves of foreign exchange and gold

$1.244 billion (31 December 2021 est.)
$1.095 billion (31 December 2020 est.)
$965.832 million (31 December 2019 est.)

Debt - external

$2.388 billion (2019 est.)
$2.409 billion (2018 est.)

Exchange rates

euros (EUR) per US dollar -

Exchange rates:
0.845 (2021 est.)
0.877 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)
0.885 (2017 est.)

note: Kosovo, which is neither an EU member state nor a party to a formal EU monetary agreement, uses the euro as its de facto currency