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, agriculture, mining, construction, and private consumption; fiscal consolidation through revenue collection and tax compliance enhancements to address public debt; challenges include weak governance, corruption, and high emigration rates
. Key agricultural products in this country include: milk, maize, tomatoes, watermelons, potatoes, wheat, grapes, onions, cucumbers/gherkins, olives (2023).More about the economy of Albania
| Labor force | 1.37 million (2024 est.) |
|---|---|
| Industrial production growth rate | -0.2% (2024 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 | 17.8% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | leke (ALL) per US dollar - |
| Exchange rates 2024 | 93.123 (2024 est.) |
| Exchange rates 2023 | 100.645 (2023 est.) |
| Exchange rates 2022 | 113.042 (2022 est.) |
| Exchange rates 2021 | 103.52 (2021 est.) |
| Exchange rates 2020 | 108.65 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $5.363 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $6.516 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $6.455 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $5.266 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | -$646.107 million (2024 est.) |
| Current account balance 2023 | -$281.7 million (2023 est.) |
| Current account balance 2022 | -$1.117 billion (2022 est.) |
| Public debt | |
| Public debt 2021 | 81.9% of GDP (2021 est.) |
| Budget | |
| Revenues | $6.636 billion (2023 est.) |
| Expenditures | $6.966 billion (2023 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 8.4% of GDP (2024 est.) |
| Remittances 2023 | 8.6% of GDP (2023 est.) |
| Remittances 2022 | 9.2% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 3.4% (2020 est.) |
| Highest 10% | 22.8% (2020 est.) |
| Imports | |
| Imports 2024 | $11.697 billion (2024 est.) |
| Imports 2023 | $10.374 billion (2023 est.) |
| Imports 2022 | $9.016 billion (2022 est.) |
| Imports (partners) | Italy 22%, China 11%, Turkey 9%, Germany 7%, Greece 6% (2023) |
| Comodities Imports force | cars, refined petroleum, garments, packaged medicine, iron bars (2023) |
| Exports | |
| Imports 2024 | $11.697 billion (2024 est.) |
| Imports 2023 | $10.374 billion (2023 est.) |
| Imports 2022 | $9.016 billion (2022 est.) |
| Exports (partners) | Italy 41%, Greece 10%, Germany 5%, Spain 5%, Serbia 4% (2023) |
| Comodities Exports force | garments, footwear, electricity, crude petroleum, iron alloys (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $51.36 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $49.403 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $47.532 billion (2022 est.) |
| GDP (official exchange rate) | $27.178 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $18,900 (2024 est.) |
| Real GDP per capita 2023 | $18,000 (2023 est.) |
| Real GDP per capita 2022 | $17,100 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 15.5% (2024 est.) |
| Industry | 22.4% (2024 est.) |
| Services | 48.9% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 70.2% (2023 est.) |
| Government consumption | 12% (2023 est.) |
| Investment in fixed capital | 24% (2023 est.) |
| Investment in inventories | -1.1% (2023 est.) |
| Exports of goods and services | 38.7% (2023 est.) |
| Imports of goods and services | -43.8% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 10.3% (2024 est.) |
| Unemployment rate 2023 | 10.2% (2023 est.) |
| Unemployment rate 2022 | 10.2% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 25.1% (2024 est.) |
| Male | 23.9% (2024 est.) |
| Female | 26.9% (2024 est.) |
All Important Facts about Albania
Want to know more about Albania? Check all different factbooks for Albania below.
