Albanian Economy
Economy - overview: Albania, a formerly closed, centrally-planned state, is making the difficult transition to a more modern open-market economy. Macroeconomic growth averaged around 6% between 2004-08, but declined to about 2% in 2009. Inflation is low and stable. The government has taken measures to curb violent crime, and recently adopted a fiscal reform package aimed at reducing the large gray economy and attracting foreign investment. The economy is bolstered by annual remittances from abroad representing about 15% of GDP, mostly from Albanians residing in Greece and Italy; this helps offset the towering trade deficit. The agricultural sector, which accounts for over half of employment but only about one-fifth of GDP, is limited primarily to small family operations and subsistence farming because of lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land. Energy shortages because of a reliance on hydropower, and antiquated and inadequate infrastructure contribute to Albania's poor business environment and lack of success in attracting new foreign investment needed to expand the country's export base. The completion of a new thermal power plant near Vlore has helped diversify generation capacity, and plans to upgrade transmission lines between Albania and Montenegro and Kosovo would help relieve the energy shortages. Also, with help from EU funds, the government is taking steps to improve the poor national road and rail network, a long-standing barrier to sustained economic growth.
GDP (purchasing power parity): $30.66 billion (2014 est.)
GDP (official exchange rate): $13.26 billion (2014 est.)
GDP - real growth rate: 1.9% (2014 est.)
GDP - per capita (PPP): $11,400 (2014 est.)
GDP - composition by sector: agriculture: 22.6%
industry: 15.1%
services: 62.4% (2013 est.)
Labor force: 1.295 million (2014 est.)
Labor force - by occupation: agriculture: 41.8%
industry: 11.4%
services: 46.8% (2015 est.)
Unemployment rate: 18% (2014 est.)
Household income or consumption by percentage share: lowest 10%: 4.1%
highest 10%: 20.5% (2012)
Investment (gross fixed): 23.7% of GDP (2009 est.)
Budget: revenues: $3.495 billion
expenditures: $4.342 billion (2014 est.)
Public debt: 72% of GDP (2014 est.)
Inflation rate (consumer prices): 1.6% (2014 est.)
Central bank discount rate: 2.25% (31 December 2014)
Commercial bank prime lending rate: 7% (31 December 2014 est.)
Agriculture - products: wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products
Industries: food processing, textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower
Industrial production growth rate: 2.4% (2014 est.)
Electricity - production: 4.726 billion kWh (2014 est.)
Electricity - consumption: 7.793 billion kWh (2014 est.)
Electricity - exports: 288.5 million kWh (2014 est.)
Electricity - imports: 3.355 billion kWh (2014 est.)
Oil - production: 26,600 bbl/day (2014 est.)
Oil - consumption: 34,000 bbl/day (2008 est.)
Oil - exports: 23,320 bbl/day (2014 est.)
Oil - imports: 0 bbl/day (2014 est.)
Oil - proved reserves: 168.3 million bbl (1 January 2014 est.)
Natural gas - production: 10 million cu m (2011 est.)
Natural gas - consumption: 10 million cu m (2011 est.)
Natural gas - exports: 0 cu m (2012 est.)
Natural gas - imports: 0 cu m (2012 est.)
Natural gas - proved reserves: 849.5 million cu m (1 January 2014 est.)
Current account balance: $-1.734 billion (2014 est.)
Exports: $2.431 billion (2014 est.)
Exports - commodities: textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco
Exports - partners: Italy 45.2%, Kosovo 7.6%, China 7.4%, Spain 6.7%, Greece 4.6% (2014)
Imports: $5.25 billion (2014 est.)
Imports - commodities: machinery and equipment, foodstuffs, textiles, chemicals
Imports - partners: Italy 35.4%, Greece 11%, China 8%, Turkey 6.7%, Germany 4.3% (2014)
Reserves of foreign exchange and gold: $2.908 billion (31 December 2014 est.)
Debt - external: $8.782 billion (31 December 2014 est.)
Exchange rates: leke (ALL) per US dollar - 105.48 (2014 est.), 105.67 (2013 est.), 108.19 (2012 est.), 100.9 (2011 est.), 103.94 (2010 est.)
economic climate  
Background:  
Export opportunities:  
Update: This page was last updated on 10 November 2015
Sources: 1. CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
2. DIBNC Experts Team