Overview: As the poorest country in Europe, Albania's development has been limited by a rigid Communist ideology that governs economic and foreign trade policy. The economy operates on the principle of state ownership of the means of production. In recent years Albania has implemented limited economic reforms to stimulate its lagging economy, although they do not go as far as Soviet-style reforms. Attempts at self-reliance and a policy of not borrowing from international lenders have greatly hindered the development of a broad economic infrastructure. There are, however, considerable mineral resources, and Albania is largely self-sufficient in food.

GNP: $2.7-2.9 billion, per capita about $930; real growth rate NA% (1986)

Inflation rate (consumer prices): NA%

Unemployment rate: NA%

Budget: revenues $2.3 billion; expenditures $2.3 billion, including capital expenditures of NA (1989)

Exports: $428 million (f.o.b., 1986 est.); @m5commodities--asphalt, bitumen, petroleum products, metals and metallic ores, electricity, oil, vegetables, fruits, tobacco; @m5partners--Greece, Czechoslovakia, Yugoslavia, Poland, Romania, Bulgaria, Hungary, FRG, Italy

Imports: $363 million (f.o.b., 1986 est.); @m5commodities--machinery, machine tools, iron and steel products, textiles, chemicals, pharmaceuticals; @m5partners--Czechoslovakia, Yugoslavia, Romania, Poland, Hungary, Italy, Bulgaria, GDR, FRG

External debt: $NA

Industrial production: growth rate 5.8% (1986)

Electricity: 1,630,000 kW capacity; 5,250 million kWh produced, 1,670 kWh per capita (1988)

Industries: food processing, textiles and clothing, lumber, chrome, oil, cement

Agriculture: arable land per capita among lowest in Europe; 50% of work force engaged in farming; produces wide range of temperate-zone crops and livestock; claims self-sufficiency in grain output

Aid: NA

Currency: lek (plural--leke); 1 lek (L) = 100 qintars

Exchange rates: leke (L) per US$1--8.0 (noncommercial fixed rate since 1986), 4.14 (floating commercial rate since 1987)

Fiscal year: calendar year

NOTE: The information regarding Albania on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Albania Economy 1989 information contained here. All suggestions for corrections of any errors about Albania Economy 1989 should be addressed to the CIA.