Economy - overview:
Albania, a formerly closed, centrally-planned state, is a developing country with a modern open-market economy. Albania managed to weather the first waves of the global financial crisis but, the negative effects of the crisis caused a significant economic slowdown. Since 2014, Albania’s economy has steadily improved and economic growth reached 3.8% in 2017. However, close trade, remittance, and banking sector ties with Greece and Italy make Albania vulnerable to spillover effects of possible debt crises and weak growth in the euro zone.Remittances, a significant catalyst for economic growth, declined from 12-15% of GDP before the 2008 financial crisis to 5.8% of GDP in 2015, mostly from Albanians residing in Greece and Italy. The agricultural sector, which accounts for more than 40% of employment but less than one quarter of GDP, is limited primarily to small family operations and subsistence farming, because of a lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land. Complex tax codes and licensing requirements, a weak judicial system, endemic corruption, poor enforcement of contracts and property issues, and antiquated infrastructure contribute to Albania's poor business environment making attracting foreign investment difficult. Since 2015, Albania has launched an ambitious program to increase tax compliance and bring more businesses into the formal economy. In July 2016, Albania passed constitutional amendments reforming the judicial system in order to strengthen the rule of law and to reduce deeply entrenched corruption.Albania’s electricity supply is uneven despite upgraded transmission capacities with neighboring countries. However, the government has recently taken steps to stem non-technical losses and has begun to upgrade the distribution grid. Better enforcement of electricity contracts has improved the financial viability of the sector, decreasing its reliance on budget support. Also, with help from international donors, the government is taking steps to improve the poor road and rail networks, a long standing barrier to sustained economic growth.Inward FDI has increased significantly in recent years as the government has embarked on an ambitious program to improve the business climate through fiscal and legislative reforms. The government is focused on the simplification of licensing requirements and tax codes, and it entered into a new arrangement with the IMF for additional financial and technical support. Albania’s three-year IMF program, an extended fund facility arrangement, was successfully concluded in February 2017. The Albanian Government has strengthened tax collection amid moderate public wage and pension increases in an effort to reduce its budget deficit. The country continues to face high public debt, exceeding its former statutory limit of 60% of GDP in 2013 and reaching 72% in 2016.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Exchange rates:
$35.87 billion (2017 est.)
$34.59 billion (2016 est.)
$33.46 billion (2015 est.)
note: data are in 2017 dollars
unreported output may be as large as 50% of official GDP
country comparison to the world: 126
$13 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
3.7% (2017 est.)
3.4% (2016 est.)
2.2% (2015 est.)
country comparison to the world: 83
[see also: GDP - real growth rate country ranks ]
$12,500 (2017 est.)
$12,000 (2016 est.)
$11,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 124
15.6% of GDP (2017 est.)
15.9% of GDP (2016 est.)
16.3% of GDP (2015 est.)
country comparison to the world: 122
[see also: Gross national saving country ranks ]
household consumption: 77.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 27%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 29.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -45.2% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 22.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 53.7%
(2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
wheat, corn, potatoes, vegetables, fruits, olives and olive oil, grapes; meat, dairy products; sheep and goats
food; footwear, apparel and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower
3.5% (2017 est.)
country comparison to the world: 82
[see also: Industrial production growth rate country ranks ]
1.407 million (2017 est.)
country comparison to the world: 135
[see also: Labor force country ranks ]
agriculture: 41.8%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 11.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 46.8% (December 2014 est)
[see also: Labor force - by occupation - services country ranks ]
14% (2017 est.)
15.2% (2016 est.)
note: these official rates may not include those working at near-subsistence farming
country comparison to the world: 168
[see also: Unemployment rate country ranks ]
14.3% (2012 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 4.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 19.6% (2015 est.)
29 (2012 est.)
30 (2008 est.)
country comparison to the world: 131
[see also: Distribution of family income - Gini index country ranks ]
revenues: $3.486 billion
[see also: Budget - revenues country ranks ]
expenditures: $3.765 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
26.8% of GDP (2017 est.)
country comparison to the world: 105
[see also: Taxes and other revenues country ranks ]
-2.1% of GDP (2017 est.)
country comparison to the world: 87
[see also: Budget surplus (+) or deficit (-) country ranks ]
71.3% of GDP (2017 est.)
72% of GDP (2016 est.)
country comparison to the world: 49
[see also: Public debt country ranks ]
calendar year
2.1% (2017 est.)
1.3% (2016 est.)
country comparison to the world: 97
[see also: Inflation rate (consumer prices) country ranks ]
1.25% (31 December 2016)
1.75% (31 December 2015)
country comparison to the world: 124
[see also: Central bank discount rate country ranks ]
7.2% (31 December 2017 est.)
9.65% (31 December 2016 est.)
country comparison to the world: 117
[see also: Commercial bank prime lending rate country ranks ]
$3.979 billion (31 December 2017 est.)
$3.397 billion (31 December 2016 est.)
country comparison to the world: 112
[see also: Stock of narrow money country ranks ]
$6.665 billion (31 December 2017 est.)
$5.75 billion (31 December 2016 est.)
country comparison to the world: 122
[see also: Stock of broad money country ranks ]
$8.147 billion (31 December 2017 est.)
$7.065 billion (31 December 2016 est.)
country comparison to the world: 114
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
-$1.201 billion (2017 est.)
-$899 million (2016 est.)
country comparison to the world: 139
[see also: Current account balance country ranks ]
$960.9 million (2017 est.)
$789.1 million (2016 est.)
country comparison to the world: 160
[see also: Exports country ranks ]
apparel and clothing, footwear; asphalt, metals and metallic ores, crude oil; cement and construction materials, vegetables, fruits, tobacco
Italy 50.5%, Serbia 8.1%, Kosovo 7.5%, Greece 4.2% (2016)
$4.084 billion (2017 est.)
$3.671 billion (2016 est.)
country comparison to the world: 132
[see also: Imports country ranks ]
machinery and equipment, foodstuffs, textiles, chemicals
Italy 29%, Germany 9.4%, China 8.7%, Greece 7.8%, Turkey 7.8%, Serbia 4.1% (2016)
$3.274 billion (31 December 2017 est.)
$3.109 billion (31 December 2016 est.)
country comparison to the world: 102
[see also: Reserves of foreign exchange and gold country ranks ]
$8.579 billion (31 December 2017 est.)
$8.421 billion (31 December 2016 est.)
country comparison to the world: 120
[see also: Debt - external country ranks ]
$6.056 billion (31 December 2014)
$5.459 billion (31 December 2013)
country comparison to the world: 102
[see also: Stock of direct foreign investment - at home country ranks ]
leke (ALL) per US dollar -
121.9 (2017 est.)
124.14 (2016 est.)
124.14 (2015 est.)
125.96 (2014 est.)
105.48 (2013 est.)