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 1.388 million (2023 est.)
Industrial production growth rate 4.03% (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 18.2% (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 2022 $4.624 billion (2022 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 -$202.323 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 82.38% of GDP (2021 est.)
Budget
Revenues $5.319 billion (2021 est.)
Expenditures $4.4 billion (2021 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 8.57% of GDP (2023 est.)
Remittances 2022 9.23% of GDP (2022 est.)
Remittances 2021 9.58% of GDP (2021 est.)
Household income
Lowest 10% 3.4% (2020 est.)
Highest 10% 22.8% (2020 est.)
Imports
Imports 2023 $10.373 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 $10.373 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 $49.592 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $47.943 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $45.723 billion (2021 est.)
GDP (official exchange rate) $22.978 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $18,100 (2023 est.)
Real GDP per capita 2022 $17,300 (2022 est.)
Real GDP per capita 2021 $16,300 (2021 est.)
GDP - composition, by sector of origin
Agriculture 18.3% (2023 est.)
Industry 21.2% (2023 est.)
Services 48% (2023 est.)
GDP - composition, by end use
Household consumption 75.5% (2023 est.)
Government consumption 11.1% (2023 est.)
Investment in fixed capital 24.4% (2023 est.)
Investment in inventories 0.5% (2021 est.)
Exports of goods and services 39.6% (2023 est.)
Imports of goods and services -44.9% (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.

Albania is found in Southeast Europe