Economy of Albania
Population: 2.87 M (2018)
GDP per Capita: 5,269 USD (2018)
15,100 M.

GDP USD

(2018)

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4,790 M.

EXPORTS USD

(2018)

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6,860 M.

IMPORTS USD

(2018)

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65.88 %

PUBLIC DEBT

(2019)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 4.15 % (2018)
GDP of 2010 USD USD 14.60 B. (2018)
GDP Current USD USD 15.10 B. (2018)
GDP per Capita Current USD USD 5,269 (2018)
GDP per capita, PPP USD 12,316 (2018)
GDP per Capita, 2010 USD USD 5,079 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 11.14 % (2018)
Government Spending USD 1.68 B. (2018)
Government Debt % GDP 65.88 % (2019)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 94.36 (2018)
Trade Openness 77.08 % (2018)
Exports of Goods and Services % GDP 31.68 % (2018)
Exports Goods & Services USD 4.79 B. (2018)
Exports Annual Growth 3.20 % (2018)
Imports as % GDP 45.40 % (2018)
Total Imports USD 6.86 B. (2018)
Foreign Direct Investment % GDP 7.97 % (2018)
Foreign Direct Investment USD 1.21 B. (2018)
Current Account Balance % GDP USD -6.69 % (2018)
Current Account Balance USD -1.01 B. (2018)
Trade Balance % GDP % (2018)
Trade Balance USD -2.07 B. (2018)
Foreign Exchange Reserves incl Gold USD 3.89 B. (2018)
Remittances % GDP 9.66 % (2018)
Remittances USD 1,094 M. (2018)
Balance of Payments USD 143 M. (2016)

Labor Market

Indicator Value
Labor Force 1.32 M. (2019)
Unemployment Rate 13.96 % (2019)
Unemployment Rate Females 11.60 % (2019)
Unemployment Rate Males 12.85 % (2019)
Youth Unemployment (ages 15-24) 30.70 % (2019)
Labor Force Participation Rate 55.93 % (2019)
Labor Force (Percent Female) 41.48 % (2019)
Female Labor Force Participation Rate 47.08 % (2019)
Male Labor Force Participation Rate 64.75 % (2019)
Dependent People 45.81 % (2018)

Agriculture Sector

Indicator Value
Forest Area 28.10 % (2016)
Forest Area km² 7,705 km² (2016)
Agricultural Land 43.13 % (2016)
Agricultural Land km² 11,817 km² (2016)
Employment 37.79 % (2019)
Value added % GDP 18.42 % (2018)
Agriculture Value added USD 2.78 B. (2018)
Crop Production Index 182.10 (2016)
Precipitation 1,485 mm (2014)
Arable Land 23 % (2016)
Cereal Yield 4,813 kg/hectare (2017)
Food production index 151 (2016)
Rural Population 40 % (2018)
Fertilizer use of Arable Land 126 kg/hectare (2016)
Livestock Production Index 113 (2016)
Economy of Albania

According to the World Bank and its latest published data, the economy of the Albania presents a growth rate of 4.15 % (2018) to the previous year.

With a population that reaches 2.87 M (2018) and a gross domestic product of USD 15.10 B. (2018), it translates a Gross Domestic Product per Capita of USD 5,269 placing its inhabitants on the threshold of an Upper middle income country (according to the World Bank's updated classification).

Albania also has a workforce of 1.32 M. (2019) with an unemployment rate of 13.96 % (2019), where women represent 11.60 % (2019) and men 12.85 % (2019), the unemployment rate for young people between 15-24 years old stood at 30.70 % (2019). The total number of dependent people stands at 45.81 % (2018).

The central government spent 11.14 % (2018) of its gross domestic product that year, which in absolute terms is USD 1.68 B. (2018). Its consolidated public debt reached 65.88 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Albania exported USD 4.79 B. (2018), which represents 31.68 % (2018) of its gross domestic product, in that same sense its imports reached USD 6.86 B. (2018) with a direct foreign investment of USD 1.21 B. (2018).

Albania has a forest area of 7,705 km² (2016), which represents 28.10 % (2016) of its total area, an average rainfall of 1,485 mm (2014) per year and a population of 40 % (2018) living in rural areas. With a total area of 11,817 km² (2016) available for agriculture and 37.79 % (2019) of its employments, the agricultural sector contributes to the economy of the Albania about USD 2.78 B. (2018) (18.42 % (2018) of its GDP).