Economy of Albania
Tirana is the economic hub of Albania.
|
|
| Currency | Lek (ALL) |
|---|---|
| Calendar year | |
|
Trade organisations
|
WTO, BSEC |
| Statistics | |
| GDP |
 $36.524 billion (PPP, 2017)$17.000 billion (Nominal, 2017) |
| GDP rank | 96th (PPP, 2013 est.) |
|
GDP growth
|
2.6% (Real, 2015 est.) |
|
GDP per capita
|
$13,368 (PPP, 2017 est.) $6,222 (Nominal, 2017) |
|
GDP by sector
|
agriculture: 18.4%, industry: 16.3%, services: 65.3% (2014 est.) |
 2.0% (CPI, 2012 est.) |
|
|
Population below poverty line
|
14.3% (2012) |
| 34.5 (2008) | |
|
Labour force
|
1.280 million (2014) |
|
Labour force by occupation
|
Agriculture: 18.4%, Industry: 16.3%, Services: 65.3% (December 2014 est.) |
| Unemployment | 17.3% (2015 est.) |
|
Average gross salary
|
385 € / 430 $, monthly (2015) |
|
Main industries
|
perfumes and cosmetic products, food and tobacco products; textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower |
| 58th (2017) | |
| External | |
| Exports |
$2.008 billion (2015) |
|
Export goods
|
textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco |
|
Main export partners
|
 Italy 42.8% Kosovo 9.7% United States 7.6% China 6.1% Greece 5.3% Spain 4.8% (2015) |
| Imports |
$4.4.664 billion (2016) |
|
Import goods
|
machinery and equipment, foodstuffs, textiles, chemicals |
|
Main import partners
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Italy 33.4% China 10% Greece 9% Turkey 6.7% Germany 5.2% (2015) |
| Public finances | |
 $8.782 billion (December 2014) |
|
| Revenues |
$3.3 billion (Budget 2014) |
| Expenses |
$4.50 billion (Budget 2014) |
| Economic aid | recipient: ODA: $366 million (top donors were Italy, EU, Germany) (2003 est.) |
|
Standard & Poor's: B (Domestic) B+ (Foreign) BB+ (T&C Assessment) Outlook: Positive |
|
|
Foreign reserves
|
$3,139 billion (December 2015) |
The Economy of Albania has undergone a transition from its Communist past into an open-market economy since the early 1990s. The country is rich in natural resources, and the economy is mainly bolstered by agriculture, food processing, lumber, oil, cement, chemicals, mining, basic metals, hydro power, tourism, textile industry, and petroleum extraction. As of 2014, exports seem to gain momentum and have increased 300% from 2008, although their contribution to the gross domestic product is still moderate. Albania has the second largest oil deposits in the Balkans and the largest onshore oil reserves in Europe.
The collapse of communism in Albania came later and was more chaotic than in other Eastern European countries and was marked by a mass exodus of refugees to Italy and Greece in 1991 and 1992. The country attempted to transition to autarky, but this eventually failed badly. Attempts at reform began in earnest in early 1992 after real GDP fell by more than 50% from its peak in 1989. Albania currently suffers from high organised crime and corruption rates.
The democratically elected government that assumed office in April 1992 launched an ambitious economic reform program to halt economic deterioration and put the country on the path toward a market economy. Key elements included price and exchange system liberalization, fiscal consolidation, monetary restraint, and a firm income policy. These were complemented by a comprehensive package of structural reforms including privatization, enterprise, and financial sector reform, and creation of the legal framework for a market economy and private sector activity. Most agriculture, state housing, and small industry were privatized. This trend continued with the privatization of transport, services, and small and medium-sized enterprises. In 1995, the government began privatizing large state enterprises. After reaching a low point in the early 1990s, the economy slowly expanded again, reaching its 1989 level by the end of the decade.
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