| Economy | Albania |
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Economy - overview:
|
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 to 9% of GDP in 2009, 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 - per capita (PPP):
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$7,800 (2011 est.)
$7,600 (2010 est.)
$7,400 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$13.3 billion (2011 est.) |
GDP - real growth rate:
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2.5% (2011 est.)
3.5% (2010 est.)
3.3% (2009 est.) |
GDP - composition by sector:
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agriculture: 20.2%
industry: 19.5%
services: 60.3% (2011 est.) |
Investment (gross fixed):
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31% of GDP (2011 est.) |
Population below poverty line:
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12.5% (2008 est.) |
Household income or consumption by percentage share:
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lowest 10%: 3.5%
highest 10%: 29% (2008) |
Distribution of family income - Gini index:
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34.5 (2008)
26.7 (2005) |
Inflation rate (consumer prices):
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3.9% (2011 est.)
3.5% (2010 est.) |
Central bank discount rate:
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5% (31 December 2010 est.)
5.25% (31 December 2009 est.) |
Commercial bank prime lending rate:
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13.2% (31 December 2011 est.)
12.833% (31 December 2010 est.) |
Stock of money:
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$3.028 billion (31 December 2008)
$2.707 billion (31 December 2007) |
Stock of money - per capita:
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1,012 USD per capita |
Stock of quasi money:
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$6.251 billion (31 December 2008)
$6.433 billion (31 December 2007) |
Stock of quasi money - per capita:
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2,088 USD per capita |
Stock of domestic credit:
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$8.506 billion (31 December 2011 est.)
$7.948 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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2,841 USD per capita |
Stock of narrow money:
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$2.741 billion (31 December 2011 est.)
$2.648 billion (31 December 2010 est.) |
Stock of broad money:
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$6.37 billion (31 December 2011 est.)
$9.426 billion (31 December 2010 est.) |
Labor force:
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1.053 million (2010 est.) |
Labor force participation rate:
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35.16 % of population |
Labor force - by occupation:
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agriculture: 47.8%
industry: 23%
services: 29.2% (September 2010 est.) |
Unemployment rate:
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13.4% (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:
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total: 35.5%
male: 41.6%
female: 27.1% (2001) |
Budget:
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revenues: $3.405 billion
expenditures: $3.87 billion (2011 est.) |
Budget revenues per capita:
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1,138 USD per capita |
Taxes and other revenues:
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25.6% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-3.5% of GDP (2011 est.) |
Public debt:
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59.4% of GDP (2011 est.)
57.1% of GDP (2010 est.) |
Industries:
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food processing, textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower |
Industrial production growth rate:
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3% (2010 est.) |
Electricity - production:
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5.201 billion kWh (2009 est.) |
Electricity - production per capita:
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1,737 kWh per capita |
Electricity - consumption:
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6.593 billion kWh
note: 35% of electricity is lost in the system as a result of transmission inefficiencies and theft (2009 est.) |
Electricity - consumption - per capita:
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2,202 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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1.884 billion kWh (2009 est.) |
Oil - production:
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10,930 bbl/day (2010 est.) |
Oil - production per capita:
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3,650 bbl/day per capita |
Oil - consumption:
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33,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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4.02 bbl/year per capita |
Oil - exports:
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1,004 bbl/day (2009 est.) |
Oil - imports:
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22,880 bbl/day (2009 est.) |
Oil - proved reserves:
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199.1 million bbl (1 January 2011 est.) |
Natural gas - production:
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30 million cu m (2009 est.) |
Natural gas - production per capita:
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11 cu m per capita |
Natural gas - consumption:
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30 million cu m (2009 est.) |
Natural gas - consumption - per capita:
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11 cu m per capita |
Natural gas - exports:
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0 cu m (2010 est.) |
Natural gas - imports:
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0 cu m (2010 est.) |
Natural gas - proved reserves:
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849.5 million cu m (1 January 2011 est.) |
Agriculture - products:
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wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products |
Current account balance:
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-$1.38 billion (2011 est.)
-$1.404 billion (2010 est.) |
Current account balance - per capita:
|
-460 USD per capita |
Exports:
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$1.886 billion (2011 est.)
$1.548 billion (2010 est.) |
Exports per capita:
|
630 USD per capita |
Exports - commodities:
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textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco |
Exports - partners:
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Italy 50.8%, Kosovo 6.2%, Turkey 5.9%, Greece 5.4%, China 5.5% (2010 est.) |
Imports:
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$5.022 billion (2011 est.)
$4.305 billion (2010 est.) |
Imports per capita:
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1,677 USD per capita |
Imports - commodities:
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machinery and equipment, foodstuffs, textiles, chemicals |
Imports - partners:
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Italy 28%, Greece 13%, China 6.3%, Turkey 5.6%, Germany 5.6% (2010 est.) |
Reserves of foreign exchange and gold:
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$2.725 billion (31 December 2011 est.)
$2.541 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
910 USD per capita |
Debt - external:
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$5.7 billion (31 December 2011 est.)
$5 billion (31 December 2010 est.) |
Debt - external - per capita:
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1,904 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
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void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
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lek (ALL)
note: the plural of lek is leke |
Exchange rates:
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leke (ALL) per US dollar -
99.5 (2011 est.)
103.94 (2010 est.)
94.98 (2009)
79.546 (2008)
92.668 (2007) |
Fiscal year:
|
calendar year |
|
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