Back اقتصاد ألبانيا Arabic Economía d'Albania AST Albaniya iqtisadiyyatı Azerbaijani Албания иҡтисады Bashkir Эканоміка Албаніі Byelorussian Эканоміка Альбаніі BE-X-OLD Икономика на Албания Bulgarian Economia d'Albània Catalan Ekonomika Albánie Czech Albaniens økonomi Danish

Economy of Albania

Economy of Albania
Tirana, the economic hub of Albania
CurrencyLek (ALL, L)
Calendar year
Trade organisations
WTO, BSEC, CEFTA, Open Balkan
Country group
Statistics
Population2,761,786 (2023)[4]
GDP
GDP rank
GDP growth
  • +4.83% (2022)
  • +3.94% (2023)
  • +3.80% (2024)
  • +3.60% (2025 forecast)
  • +3.50% (2026 forecast)

[5]

GDP per capita
  • Increase$10,586 (nominal, 2024)[5]
  • Increase$24,476 (PPP, 2024)[5]
GDP per capita rank
GDP by sector
3.0% (2025)[5]
Population below poverty line
  • 22% in poverty (2020)[6]
  • 14% on less than $6.85/day (2020)[7]
  • 46.6% at risk of poverty or social exclusion (AROPE, 2021)[8]
33.0 medium (2021)[9]
37 out of 100 points (2023)[12] (98th)
Labour force
  • 1,384,740 (2021)[13]
  • 74.8% employment rate (2022)[14]
Labour force by occupation
  • agriculture: 21.4%
  • industry: 28.3%
  • services: 50.3%
  • (2024)[3]
Unemployment
  • 10.6% (Q3, 2022)[15]
  • youth unemployment rate 20.50 (2022)
Average gross salary
ALL 75.025 / €750 / $790 monthly (Q4, 2023)
$680 per month
Main industries
footwear, apparel and clothing; lumber, oil, cement, chemicals, mining, basic metals, Food and beverages, hydropower, auto parts
External
Exports$4.39 billion (2022 est.)[3][16]
Export goods
apparel and clothing, footwear; asphalt, metals and metallic ores, crude oil; cement and construction materials, vegetables, fruits, tobacco, processed foods and beverages, hydropower, automotive parts
Main export partners
Imports$7.75 billion (2021)[3]
Import goods
machinery and equipment, foodstuffs, textiles, chemicals
Main import partners
FDI stock
  • 10.074 billion (2021)[3]
  • Abroad: N/A
−$1.050 billion (2022)[3]
$8.5 billion (2023)[3]
Public finances
55.5% of GDP (2024)[18]
−3% (of GDP) (2022)[3]
Revenues5.4 billion (2022)[3]
Expenses6.4 billion (2022)[3]
Economic aidrecipient: ODA: $366 million (top donors were Italy, EU, Germany) (2003)
$5.634.561 billion (2021)[20]
All values, unless otherwise stated, are in US dollars.

The economy of Albania went through a process of transition from a centralized economy to a market-based economy on the principles of the free market.

Albania's economy is based on the service (54.1%), agriculture (21.7%), and industrial (24.2%) sectors.[3] The country has some 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. The strongest sectors are energy, mining, metallurgy, agriculture, and tourism. Primary industrial exports are clothing and chrome.

Tourism has been a notable source of national income, particularly during the summer months. With over 6.4 million tourists visiting Albania in 2019, tourism generates revenue in excess of $2.4 billion annually.[21]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ a b c d e f g h i j k l "Albania". CIA.gov. Central Intelligence Agency.
  4. ^ "Population of Albania, September 2023". Institute of Statistics - Tirana. Retrieved 2 February 2023.
  5. ^ a b c d e f "World Economic Outlook database: April 2024". IMF.org. International Monetary Fund.
  6. ^ "Poverty headcount ratio at national poverty lines (% of population)". data.worldbank.org. World Bank. Retrieved 18 February 2023.
  7. ^ "Poverty headcount ratio at $6.85 a day (2017 PPP) (% of population) - Albania". data.worldbank.org. World Bank. Retrieved 18 February 2023.
  8. ^ "People at risk of poverty or social exclusion by sex". Eurostat. Retrieved 13 October 2023.
  9. ^ "Gini coefficient of equivalised disposable income - EU-SILC survey". Eurostat. Retrieved 28 March 2023.
  10. ^ "Human Development Index (HDI)". Human Development Report HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 24 September 2022.
  11. ^ "Inequality-adjusted HDI (IHDI)". United Nations Development Programme. Retrieved 13 October 2022.
  12. ^ "Corruption Perceptions Index". Transparency International. 30 January 2024. Archived from the original on 30 January 2024. Retrieved 15 July 2024.
  13. ^ "Labor force, total - Albania". data.worldbank.org. World Bank. Retrieved 11 January 2020.
  14. ^ "Anketa Tremujore e Forcave të Punës" (PDF). instat.gov.al. INSTAT. Retrieved 12 December 2022.
  15. ^ "Anketa Tremujore e Forcave të Punës" (PDF). instat.gov.al. 2022. Retrieved 12 December 2022.
  16. ^ Simoes, Alexander. "Albania 2021, export/import". Observatory of Economic Complexity. Retrieved 13 January 2020.
  17. ^ a b "Foreign trade partners of Albania". The Observatory of Economic Complexity. Retrieved 7 April 2023.
  18. ^ "Buletini Statistikor I Borxhit" [Debt Statistical Bulletin] (PDF) (in Albanian). Ministry of Finance and Economy (Albania). 31 March 2020. Archived (PDF) from the original on 2020-11-19.
  19. ^ "Sovereigns rating list". SEENews: Business Intelligence for South East Europe. 6 February 2017. Archived from the original on 6 February 2017. Retrieved 12 July 2017. Standard & Poor's said it has raised its long- and short-term foreign and local currency sovereign credit ratings on Albania at C+ with a stable outlook.
  20. ^ "Albania International reserves, 1960-2018". Knoema. Retrieved 13 January 2020.
  21. ^ "Albania tourism data". worlddata.info. Retrieved 2 February 2023.

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