An Overview of the Economy
Albania is classed as a poor country with very low economic
progress compared to other European countries. Almost 60% of the
country's labour force is employed in the agricultural sector and
18.5% of the populations live below the poverty line. The economy
particularly suffered after the collapse of communism when the
country's GDP fell by more than 50% in 1989. In 1992 the government
launched economic aims for improvement and slowly the economy is
rebuilding itself.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
19.9 |
| GDP (PPP) (CIA) (US$Billions) |
19.9 |
| GDP Growth (IMF (%) |
6% |
| GDP Growth (CIA) (%) |
6% |
| GDP Per Capita (PPP) (IMF (US$) |
6,289 |
| GDP Per Capita (PPP) (CIA) (US$) |
6,300 |
| GDP By Sector |
Agriculture: 21.2%
Services: 58.7%
Industry: 20.1% |
| Inflation (%) |
2.9% |
| Population Below the Poverty Line |
25% |
| Labour Force (Millions) |
1.09 |
| Labour Force by Occupation (%) |
Agriculture: 58%
Services: 27%
Industry: 15% |
| Unemployment (%) |
13% |
| Main Industries |
Food processing, textiles & clothing,
lumber, oil, cement, chemicals,
mining, basic metals, hydropower. |
Sources: CIA World Factbook, IMF
GDP
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
5.6 |
7.5 |
8.4 |
9.1 |
10.6 |
| GDP Growth (%) |
5.0% |
7.0% |
5.6% |
5.5% |
6.0% |
| GDP Per Capita (US$) |
1,805 |
2,389 |
2,672 |
2,903 |
6,289 |
| GDP Per Capita (PPP) (US$) |
4,500 |
4,500 |
4,900 |
5,300 |
6,300 |
| Inflation (%) |
6.0% |
2.4% |
3.2% |
2.4% |
2.9% |
| Unemployment (%) |
17.0% |
15.8% |
14.8% |
14.3% |
13.0% |
Foreign-Exchange
& Gold Reserves (US$Billions) |
1.0 |
1.2 |
1.5 |
1.6 |
2.2 |
| Mobile Phone Users |
250,000 |
1,100,000 |
1,100,000 |
1,259,000 |
1,530,000 |
| Internet Users |
12,000 |
30,000 |
30,000 |
75,000 |
471,200 |
Sources: CIA World Factbook, IMF
Major Exports & Imports
Albania's biggest sea port is situated in Tirana, the country's
capital and major commercial centre. Around 85% of the country's
imports and exports pass through Tirana's sea port. Italy is the
country's main trading partner.
Major Exports 2007
Textile and footwear, asphalt, metals and metalic ores, crude
oil.
Major Imports 2007
Machinery and equipment, foodstuffs, textiles, chemicals.
| export partners 2007 |
% of total |
| Italy |
67.6% |
| Serbia Montenegro |
5.8% |
| Greece |
5.4% |
| import partners 2007 |
% of total |
| Italy |
31.9% |
| Greece |
17.7% |
| Turkey |
8.1% |
| Germany |
5.7% |
Sources: CIA World Factbook
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