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 | 1.371 million (2023 est.) |
|---|---|
| Industrial production growth rate | 3.08% (2023 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 | 18.1% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | leke (ALL) per US dollar - |
| 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.) |
| Exchange rates 2019 | 109.851 (2019 est.) |
| Debt - external | |
| Debt - external 2023 | $5.6 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $6.455 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $5.266 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $5.635 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$281.7 million (2023 est.) |
| Current account balance 2022 | -$1.117 billion (2022 est.) |
| Current account balance 2021 | -$1.37 billion (2021 est.) |
| Public debt | |
| Public debt 2021 | 81.92% of GDP (2021 est.) |
| Budget | |
| Revenues | $5.319 billion (2021 est.) |
| Expenditures | $4.4 billion (2021 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 8.65% of GDP (2023 est.) |
| Remittances 2022 | 9.18% of GDP (2022 est.) |
| Remittances 2021 | 9.53% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.4% (2020 est.) |
| Highest 10% | 22.8% (2020 est.) |
| Imports | |
| Imports 2023 | $10.374 billion (2023 est.) |
| Imports 2022 | $9.016 billion (2022 est.) |
| Imports 2021 | $8.004 billion (2021 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 2023 | $10.374 billion (2023 est.) |
| Imports 2022 | $9.016 billion (2022 est.) |
| Imports 2021 | $8.004 billion (2021 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) 2023 | $50.098 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $48.201 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $45.981 billion (2021 est.) |
| GDP (official exchange rate) | $23.547 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $18,200 (2023 est.) |
| Real GDP per capita 2022 | $17,400 (2022 est.) |
| Real GDP per capita 2021 | $16,400 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 16.2% (2023 est.) |
| Industry | 23% (2023 est.) |
| Services | 48% (2023 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 2023 | 11.58% (2023 est.) |
| Unemployment rate 2022 | 11.59% (2022 est.) |
| Unemployment rate 2021 | 12.47% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 28.2% (2023 est.) |
| Male | 29.1% (2023 est.) |
| Female | 27% (2023 est.) |
All Important Facts about Albania
Want to know more about Albania? Check all different factbooks for Albania below.
