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 3% in 2009-11. 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. Remittances, a significant catalyst for economic growth declined from 12-15% of GDP before the 2008 financial crisis to 8% of GDP in 2010, mostly from Albanians residing in Greece and Italy. The agricultural sector, which accounts for almost 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 - 98% of the electrical power produced in Albania - 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. FDI is among the lowest in the region, but the government has embarked on an ambitious program to improve the business climate through fiscal and legislative reforms. 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. The country will continue to face challenges from increasing public debt, approaching its statutory limit of 60% of GDP. Strong trade, remittance, and banking sector ties with Greece and Italy make Albania vulnerable to spillover effects of the global financial crisis.
GDP (purchasing power parity)
$24.99 billion (2011 est.)
$24.38 billion (2010 est.)
$23.56 billion (2009 est.)
note: data are in 2011 US dollars
Albania has an informal, and unreported, sector that may be as large as 50% of official GDP
GDP (official exchange rate)
$13.3 billion (2011 est.)
GDP - real growth rate
2.5% (2011 est.)
3.5% (2010 est.)
3.3% (2009 est.)
GDP - per capita (PPP)
$7,800 (2011 est.)
$7,600 (2010 est.)
$7,400 (2009 est.)
note: data are in 2011 US dollars
GDP - composition by sector
agriculture: 20.7%
industry: 19.7%
services: 59.6% (2011 est.)
Population below poverty line
12.5% (2008 est.)
Labor force
1.053 million (2010 est.)
Labor force - by occupation
agriculture: 47.8%
industry: 23%
services: 29.2% (September 2010 est.)
Unemployment rate
13.3% (2011 est.)
13.7% (2010 est.)
note: these are official rates, but actual rates may exceed 30% due to preponderance of near-subsistence farming
Unemployment, youth ages 15-24
total: 35.5%
male: 41.6%
female: 27.1% (2001)
Household income or consumption by percentage share
lowest 10%: 3.5%
highest 10%: 29% (2008)
Distribution of family income - Gini index
34.5 (2008)
26.7 (2005)
Investment (gross fixed)
29.9% of GDP (2011 est.)
Budget
revenues: $3.405 billion
expenditures: $3.87 billion (2011 est.)
Taxes and other revenues
25.6% of GDP (2011 est.)
Budget surplus (+) or deficit (-)
-3.5% of GDP (2011 est.)
Public debt
59.4% of GDP (2011 est.)
57.1% of GDP (2010 est.)
Inflation rate (consumer prices)
3.9% (2011 est.)
3.5% (2010 est.)
Central bank discount rate
5% (31 December 2010 est.)
5.25% (31 December 2009 est.)
Commercial bank prime lending rate
13.2% (31 December 2011 est.)
12.833% (31 December 2010 est.)
Stock of money
$3.028 billion (31 December 2008)
$2.707 billion (31 December 2007)
Stock of narrow money
$2.741 billion (31 December 2011 est.)
$2.648 billion (31 December 2010 est.)
Stock of quasi money
$6.251 billion (31 December 2008)
$6.433 billion (31 December 2007)
Stock of broad money
$6.37 billion (31 December 2011 est.)
$9.426 billion (31 December 2010 est.)
Stock of domestic credit
$8.506 billion (31 December 2011 est.)
$7.948 billion (31 December 2010 est.)
Market value of publicly traded shares
$NA
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
3% (2010 est.)
Electricity - production
5.201 billion kWh (2009 est.)
Electricity - production by source
fossil fuel: 2.9%
hydro: 97.1%
nuclear: 0%
other: 0% (2001)
Electricity - consumption
6.593 billion kWh
note: 35% of electricity is lost in the system as a result of transmission inefficiencies and theft (2009 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
1.884 billion kWh (2009 est.)
Oil - production
10,930 bbl/day (2010 est.)
Oil - consumption
33,000 bbl/day (2010 est.)
Oil - exports
1,004 bbl/day (2009 est.)
Oil - imports
22,880 bbl/day (2009 est.)
Oil - proved reserves
199.1 million bbl (1 January 2011 est.)
Natural gas - production
30 million cu m (2009 est.)
Natural gas - consumption
30 million cu m (2009 est.)
Natural gas - exports
0 cu m (2010 est.)
Natural gas - imports
0 cu m (2010 est.)
Natural gas - proved reserves
849.5 million cu m (1 January 2011 est.)
Current Account Balance
-$1.38 billion (2011 est.)
-$1.404 billion (2010 est.)
Exports
$1.886 billion (2011 est.)
$1.548 billion (2010 est.)
Exports - commodities
textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco
Exports - partners
Italy 50.8%, Kosovo 6.2%, Turkey 5.9%, Greece 5.4%, China 5.5% (2010 est.)
Imports
$5.022 billion (2011 est.)
$4.305 billion (2010 est.)
Imports - commodities
machinery and equipment, foodstuffs, textiles, chemicals
Imports - partners
Italy 28%, Greece 13%, China 6.3%, Turkey 5.6%, Germany 5.6% (2010 est.)
Reserves of foreign exchange and gold
$2.725 billion (31 December 2011 est.)
$2.541 billion (31 December 2010 est.)
Debt - external
$5.7 billion (31 December 2011 est.)
$5 billion (31 December 2010 est.)
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