Albania - Economy
How is the economy of Albania? Based on the information we have, Albania has a upper-middle -income Balkan economy; EU accession candidate; growth bolstered by tourism, services, construction, and private consumption; fiscal consolidation through revenue collection to address public debt; challenges include weak governance, corruption, climate adaptation, vulnerability to energy sector shocks, and emigration of workers. Key agricultural products in this country include: milk, maize, tomatoes, potatoes, watermelons, wheat, grapes, olives, cucumbers/gherkins, onions (2022).
More about the economy of Albania
| Labor force | 1.405 million (2022 est.) |
|---|---|
| Industrial production growth rate | 7.86% (2022 est.) |
| Industries | food; footwear, apparel and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower |
| Population below poverty line | 22% (2020 est.) |
| Taxes and other revenues | 18.2% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | leke (ALL) per US dollar - |
| Exchange rates 2022 | 113.042 (2022 est.) |
| Exchange rates 2021 | 103.52 (2021 est.) |
| Exchange rates 2020 | 108.65 (2020 est.) |
| Exchange rates 2019 | 109.851 (2019 est.) |
| Exchange rates 2018 | 107.989 (2018 est.) |
| Debt - external | |
| Debt - external 2019 | $9.311 billion (2019 est.) |
| Debt - external 2018 | $9.547 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2022 | $5.266 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $5.635 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $4.817 billion (2020 est.) |
| Current account balance | |
| Current account balance 2022 | -$1.117 billion (2022 est.) |
| Current account balance 2021 | -$1.37 billion (2021 est.) |
| Current account balance 2020 | -$1.315 billion (2020 est.) |
| Public debt | |
| Public debt 2021 | 82.38% of GDP (2021 est.) |
| Public debt 2020 | 83.89% of GDP (2020 est.) |
| Public debt 2019 | 75.7% of GDP (2019 est.) |
| Budget | |
| Revenues | $4.19 billion (2019 est.) |
| Expenditures | $4.489 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | -2% (of GDP) (2017 est.) |
| Remittances | |
| Remittances 2022 | 9.23% of GDP (2022 est.) |
| Remittances 2021 | 9.58% of GDP (2021 est.) |
| Remittances 2020 | 9.67% of GDP (2020 est.) |
| Household income | |
| Lowest 10% | 3.4% |
| Highest 10% | 22.8% (2020 est.) |
| Imports | |
| Imports 2022 | $9.016 billion (2022 est.) |
| Imports 2021 | $8.004 billion (2021 est.) |
| Imports 2020 | $5.671 billion (2020 est.) |
| Imports (partners) | Italy 25%, Turkey 14%, Greece 12%, China 10%, Germany 5% (2022) |
| Comodities Imports force | refined petroleum, garments, electricity, cars, raw iron bars (2022) |
| Exports | |
| Imports 2022 | $9.016 billion (2022 est.) |
| Imports 2021 | $8.004 billion (2021 est.) |
| Imports 2020 | $5.671 billion (2020 est.) |
| Exports (partners) | Italy 41%, Greece 10%, Spain 7%, Germany 5%, China 4% (2022) |
| Comodities Exports force | garments, footwear, iron alloys, electricity, crude petroleum (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2022 | $43.032 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $41.039 billion (2021 est.) |
| Real GDP (purchasing power parity) 2020 | $37.682 billion (2020 est.) |
| GDP (official exchange rate) | $18.916 billion (2022 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2022 | $15,500 (2022 est.) |
| Real GDP per capita 2021 | $14,600 (2021 est.) |
| Real GDP per capita 2020 | $13,300 (2020 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 21.7% (2017 est.) |
| Industry | 24.2% (2017 est.) |
| Services | 54.1% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 78.1% (2017 est.) |
| Government consumption | 11.5% (2017 est.) |
| Investment in fixed capital | 25.2% (2017 est.) |
| Investment in inventories | 0.2% (2017 est.) |
| Exports of goods and services | 31.5% (2017 est.) |
| Imports of goods and services | -46.6% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2022 | 11.63% (2022 est.) |
| Unemployment rate 2021 | 12.59% (2021 est.) |
| Unemployment rate 2020 | 12.83% (2020 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 27.8% (2021 est.) |
| Male | 28% |
| Female | 27.6% |
All Important Facts about Albania
Want to know more about Albania? Check all different factbooks for Albania below.
