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Albania Economy 2016
http://www.theodora.com/wfbcurrent/albania/albania_economy.html
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


















Albania Economy 2016
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 23, 2014

Economy - overview:
Albania, a formerly closed, centrally-planned state, is making the difficult transition to a more modern open-market economy. Albania managed to weather the first waves of the global financial crisis but, more recently, its negative effects have put some pressure on the Albanian economy. While the government is focused on establishing a favorable business climate through the simplification of licensing requirements and tax codes, it entered into a new arrangement with the IMF for additional financial and technical support. Remittances, a significant catalyst for economic growth declined from 12-15% of GDP before the 2008 financial crisis to 7% of GDP in 2012, 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 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, poor enforcement of contracts and property issues, and antiquated infrastructure contribute to Albania's poor business environment and makes attracting foreign investment more difficult. Inward 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. Albania’s energy supply has improved in recent years mostly due to upgraded transmission capacities that Albania has developed with its neighboring countries. However, technical and non-technical losses - including energy theft and non-payment - continue to be a threat to the financial viability of the entire system. Also, with help from international donors, 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, having exceeded its former statutory limit of 60% of GDP in 2013. Strong trade, remittance, and banking sector ties with Greece and Italy make Albania vulnerable to spillover effects of debt crises and weak growth in the euro zone.

GDP (purchasing power parity):
$28.34 billion (2013 est.)
country comparison to the world: 116

$28.14 billion (2012 est.)
$27.78 billion (2011 est.)
note: data are in 2013 US dollars
Albania has an informal, and unreported, sector that may be as large as 50% of official GDP
[see also: GDP country ranks ]

GDP (official exchange rate):
$12.8 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.7% (2013 est.)
country comparison to the world: 181

1.3% (2012 est.)
3.1% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$10,700 (2013 est.)
country comparison to the world: 115

$10,400 (2012 est.)
$9,900 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
14.1% of GDP (2013 est.)
country comparison to the world: 113

13.6% of GDP (2012 est.)
13.6% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 87.6%
government consumption: 8.4%
investment in fixed capital: 25%
investment in inventories: -2.6%
exports of goods and services: 36%
imports of goods and services: -54.4%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 19.5%
industry: 12%
services: 68.5%

(2011 est.)

Agriculture - products:
wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products; sheep

Industries:
food and tobacco products; textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower

Industrial production growth rate:
3.1% (2013 est.)
country comparison to the world: 93
[see also: Industrial production growth rate country ranks ]

Labor force:
1.098 million (2013 est.)
country comparison to the world: 140
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 54.6%
industry: 12.8%
services: 32.6%

(December 2012 est)

Unemployment rate:
16.9% (2013 est.)
country comparison to the world: 148

14.4% (2012 est.)
note: these are official rates that may not include those working at near-subsistence farming
[see also: Unemployment rate country ranks ]

Population below poverty line:
14.3% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.5%
highest 10%: 29% (2008)

Distribution of family income - Gini index:
34.5 (2008)
country comparison to the world: 92

26.7 (2005)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $3.074 billion
expenditures: $3.858 billion (2013 est.)

Taxes and other revenues:
24% of GDP (2013 est.)
country comparison to the world: 137
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.1% of GDP (2013 est.)
country comparison to the world: 179
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
70.5% of GDP (2013 est.)
country comparison to the world: 38

62.5% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.7% (2013 est.)
country comparison to the world: 54

2.1% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
$NA (31 December 2013 est.)
country comparison to the world: 96

4% (31 December 2012 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.52% (31 December 2013 est.)
country comparison to the world: 80

10.28% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.791 billion (31 December 2013 est.)
country comparison to the world: 117

$2.652 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$6.539 billion (31 December 2013 est.)
country comparison to the world: 118

$6.316 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$5.17 billion (31 December 2013 est.)
country comparison to the world: 112

$5.233 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.28 billion (2013 est.)
country comparison to the world: 126

-$1.316 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$2.323 billion (2013 est.)
country comparison to the world: 140

$2.1 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco

Exports - partners:
Italy 51.1%, Spain 9.2%, Turkey 6.3%, Greece 4.4% (2012)

Imports:
$4.835 billion (2013 est.)
country comparison to the world: 130

$4.985 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, foodstuffs, textiles, chemicals

Imports - partners:
Italy 31.9%, Greece 9.5%, China 6.4%, Germany 6%, Turkey 5.7% (2012)

Reserves of foreign exchange and gold:
$2.827 billion (31 December 2013 est.)
country comparison to the world: 111

$2.784 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$3.213 billion (31 December 2013 est.)
country comparison to the world: 135

$2.957 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$4.226 billion (31 December 2011)
country comparison to the world: 93

$3.534 billion (31 December 2010)
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
leke (ALL) per US dollar -

109.2 (2013 est.)
108.19 (2012 est.)
103.94 (2010 est.)
94.98 (2009)
79.546 (2008)


NOTE: The information regarding Albania on this page is re-published from the 2016 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Albania Economy 2016 information contained here. All suggestions for corrections of any errors about Albania Economy 2016 should be addressed to the CIA.




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