Albania

Albania, a formerly closed, centrally-planned state, is making the difficult transition to a more modern open-market economy. Macroeconomic growth averaged around 6% between 2004-08, but declined to about 3% in 2009-10. Inflation is low and stable. 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 representing about 15% of GDP, mostly from Albanians residing in Greece and Italy; this helps offset the towering trade deficit. The agricultural sector, which accounts for over half of employment but only about one-fifth of GDP, is limited primarily to small family operations and subsistence farming because of lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land. Energy shortages because of a reliance on hydropower, and antiquated and inadequate infrastructure contribute to Albania’s poor business environment and lack of success in attracting new foreign investment needed to expand the country’s export base. The completion of a new thermal power plant near Vlore has helped diversify generation capacity, and plans to upgrade transmission lines between Albania and Montenegro and Kosovo would help relieve the energy shortages. Also, with help from EU funds, the government is taking steps to improve the poor national road and rail network, a long-standing barrier to sustained economic growth.

$23.95 billion (2010 est.)

$23.23 billion (2009 est.)

$22.49 billion (2008 est.)

Albania has an informal, and unreported, sector that may be as large as 50% of official GDP

$11.58 billion (2010 est.)

3.1% (2010 est.)

3.3% (2009 est.)

7.8% (2008 est.)

$8,000 (2010 est.)

$7,800 (2009 est.)

$7,500 (2008 est.)

1.1 million (2009 est.)

12.7% (2010 est.)

12.8% (2009 est.)

25% (2004 est.)

26.7 (2005)

29.8% of GDP (2010 est.)

59.3% of GDP (2010 est.)

58.1% of GDP (2009 est.)

3.4% (2010 est.)

2.2% (2009 est.)

5.25% (31 December 2009)

6.25% (31 December 2008)

12.66% (31 December 2009 est.)

13.02% (31 December 2008 est.)

$2.708 billion (31 December 2010 est)

$2.995 billion (31 December 2009 est)

$9.096 billion (31 December 2009)

$9.279 billion (31 December 2008)

$7.701 billion (31 December 2010 est.)

$8.231 billion (31 December 2009 est.)

$NA

wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products

food processing, textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower

3% (2010 est.)

2.888 billion kWh (2007 est.)

3.603 billion kWh (2007 est.)

0 kWh (2008 est.)

2.475 billion kWh (2008 est.)

5,400 bbl/day (2009 est.)

36,000 bbl/day (2009 est.)

749 bbl/day (2005 est.)

24,080 bbl/day (2007 est.)

199.1 million bbl (1 January 2010 est.)

30 million cu m (2008 est.)

30 million cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

849.5 million cu m (1 January 2010 est.)

-$1.245 billion (2010 est.)

-$1.845 billion (2009 est.)

$1.339 billion (2010 est.)

$1.048 billion (2009 est.)

textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco

Italy 58.75%, Greece 9.69%, Austria 6.73%, China 5.68% (2009)

$4.337 billion (2010 est.)

$4.264 billion (2009 est.)

machinery and equipment, foodstuffs, textiles, chemicals

Italy 29.94%, Greece 14.05%, Turkey 7.1%, Germany 6.9%, China 5.39% (2009)

$1.992 billion (31 December 2010 est.)

$2.37 billion (31 December 2009 est.)

$1.55 billion (2004)

leke (ALL) per US dollar - 106.5 (2010), 94.979 (2009), 79.546 (2008), 92.668 (2007), 98.384 (2006)