Economy - overview Poor and backward by European standards, Albania is making the difficult transition to a more modern open-market economy. The government has taken measures to curb violent crime and to revive economic activity and trade. The economy is bolstered by remittances from abroad of $400-$600 million annually, mostly from Greece and Italy. Agriculture, which accounts for 52% of GDP, is held back because of frequent drought and the need to modernize equipment and consolidate small plots of land. Severe energy shortages are forcing small firms out of business, increasing unemployment, scaring off foreign investors, and spurring inflation.

GDP purchasing power parity - $13.2 billion (2001 est.)

GDP - real growth rate 7.3% (2001 est.)

GDP - per capita purchasing power parity - $3,800 (2001 est.)

GDP - composition by sector
agriculture: 52%
industry: 21%
services: 27% (2001 est.)

Population below poverty line 30% (2001 est.)

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) 3% (2001 est.)

Labor force 1.283 million (not including 352,000 emigrant workers and 261,000 domestically unemployed) (2000 est.)

Labor force - by occupation agriculture 50%, industry and services 50%

Unemployment rate 17% officially (2001 est.); may be as high as 30%

Budget
revenues: $697 million
expenditures: $1.5 billion, including capital expenditures of $368 million (2002 est.)

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

Industrial production growth rate 9% (2000 est.)

Electricity - production 4.738 billion kWh (2000)

Electricity - production by source
fossil fuel: 3%
hydro: 97%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 5.378 billion kWh (2000)

Electricity - exports 100 million kWh (2000)

Electricity - imports 1.072 billion kWh (2000)

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

Exports $306 million (f.o.b., 2001 est.)

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

Exports - partners Italy 70%, Greece 12%, Germany 6%, The Former Yugoslav Republic of Macedonia 2%, Austria 1% (2001)

Imports $1.1 billion (f.o.b., 2001 est.)

Imports - commodities machinery and equipment, foodstuffs, textiles, chemicals

Imports - partners Italy 32%, Greece 26%, Turkey 6%, Germany 6%, Bulgaria 2% (2001)

Debt - external $1 billion (2000)

Economic aid - recipient $315 million (top donors were Italy, EU, Germany) (2000 est.)

Currency lek (ALL)

Currency code ALL

Exchange rates leke per US dollar - 140.16 (November 2001), 143.71 (2000) 137.69 (1999), 150.63 (1998), 148.93 (1997); note - leke is the plural of lek

Fiscal year calendar year

NOTE: The information regarding Albania on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Albania Economy 2002 information contained here. All suggestions for corrections of any errors about Albania Economy 2002 should be addressed to the CIA.