Albania:
Economy

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Other pages in this profile of Albania:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition Lagging behind its Balkan neighbors, Albania is making the difficult transition to a more modern open-market economy. 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. The economy is bolstered by annual remittances from abroad of $600-$800 million, mostly from Albanians residing in Greece and Italy; this helps offset the towering trade deficit. Agriculture, which accounts for more than one-fifth of GDP, is held back because of lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land. Energy shortages and antiquated and inadequate infrastructure contribute to Albania's poor business environment, which make it difficult to attract and sustain foreign investment. The completion of a new thermal power plant near Vlore and improved transmission line between Albania and Montenegro will help relieve the energy shortages. Also, the government is moving slowly to improve the poor national road and rail network, a long-standing barrier to sustained economic growth. On the positive side, macroeconomic growth was strong in 2003-07 and inflation is low and stable.
GDP (purchasing power parity)	Definition - World rank and map $19.92 billion note: Albania has a large gray economy that may be as large as 50% of official GDP (2007 est.)
GDP (official exchange rate)	Definition $10.62 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 6% (2007 est.)
GDP - per capita	Definition - World rank and map $6,300 (2007 est.)
GDP - composition by sector	Definition agriculture: 21.2% industry: 20.1% services: 58.7% (2007 est.)
Labor force	Definition 1.09 million (not including 352,000 emigrant workers) (September 2006 est.)
Labor force - by occupation	Definition agriculture: 58% industry: 15% services: 27% (September 2006 est.)
Unemployment rate	Definition - World rank and map 13% official rate, but may exceed 30% due to preponderance of near-subsistence farming (2007 est.)
Population below poverty line	Definition 25% (2004 est.)
Household income or consumption by percentage share	Definition lowest 10%: 3.4% highest 10%: 24.4% (2004)
Distribution of family income - Gini index	Definition - World rank and map 26.7 (2005)
Inflation rate (consumer prices)	Definition - World rank and map 2.9% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 23.3% of GDP (2007 est.)
Budget	Definition revenues: $2.786 billion expenditures: $3.159 billion (2007 est.)
Public debt	Definition - World rank and map 52.5% of GDP (2007 est.)
Agriculture - products	Definition wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products
Industries	Definition food processing, textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower
Industrial production growth rate	Definition - World rank and map 2% (2007 est.)
Electricity - production	Definition - World rank and map 5.385 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 3.323 billion kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 918.1 kWh (2005)
Electricity - exports	Definition 300 million kWh (2005)
Electricity - imports	Definition 371 million kWh (2005)
Oil - production	Definition - World rank and map 7,006 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 29,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 8 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 1,240 bbl/day (2004 est.)
Oil - imports	Definition - World rank and map 21,600 bbl/day (2005 est.)
Oil - proved reserves	Definition - World rank and map 198.1 million bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 28.77 million cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 28.77 million cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 8 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 814.7 million cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$877 million (2007 est.)
Exports	Definition - World rank and map $1.089 billion f.o.b. (2007 est.)
Exports - commodities	Definition textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco
Exports - partners	Definition Italy 61%, Greece 9.1%, China 6.2%, Serbia and Montenegro 5.3% (2006)
Imports	Definition - World rank and map $3.891 billion f.o.b. (2007 est.)
Imports - commodities	Definition machinery and equipment, foodstuffs, textiles, chemicals
Imports - partners	Definition Italy 33%, Greece 18.3%, Turkey 8.7%, Germany 5.7% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $2.248 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $1.55 billion (2004)
Market value of publicly traded shares	Definition $NA
Economic aid - recipient	Definition ODA: $318.7 million note: top donors were Italy, EU, Germany (2005 est.)
Currency (code)	Definition lek (ALL) note: the plural of lek is leke
Exchange rates	Definition leke per US dollar - 92.668 (2007), 98.384 (2006), 102.649 (2005), 102.78 (2004), 121.863 (2003)
Fiscal year	Definition calendar year

Albania: Economy

Albania:
Economy