Economy of Albania
From Wikipedia, the free encyclopedia
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.
Currency | Lek (ALL, L) |
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Calendar year | |
Trade organisations | WTO, BSEC, CEFTA, Open Balkan |
Country group |
|
Statistics | |
Population | 2,793,592 (2022)[3] |
GDP | |
GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
4.8% (2023)[4] | |
Population below poverty line | |
29.4 low (2020)[8] | |
| |
Labour force | |
Labour force by occupation |
|
Unemployment |
|
Average gross salary | ALL 75.025 / €750 / $790 monthly (Q4, 2023) |
Missing | |
Main industries | footwear, apparel and clothing; lumber, oil, cement, chemicals, mining, basic metals, Food and beverages, hydropower, auto parts |
External | |
Exports | $4.391.960 billion (2022 est.)[5][14] |
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 | $7.745.071 billion (2021)[5] |
Import goods | machinery and equipment, foodstuffs, textiles, chemicals |
Main import partners | |
FDI stock |
|
−$1.050 billion (2022)[5] | |
Gross external debt | $9.8 billion (2023)[5] |
Public finances | |
67.00% of GDP (2022)[16] | |
−3% (of GDP) (2022)[5] | |
Revenues | 5.4 billion (2022)[5] |
Expenses | 6.4 billion (2022)[5] |
Economic aid | recipient: ODA: $366 million (top donors were Italy, EU, Germany) (2003) |
| |
$5.634.561 billion (2021)[18] | |
Albania's economy is based on the service (54.1%), agriculture (21.7%), and industrial (24.2%) sectors.[5] 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 annually in 2019, tourism generates revenue in excess of $2.4 billion.[19]