Economy of Albania

Economy of Albania
	Tirana, the economic hub of Albania
Currency	Lek (ALL, L)
Fiscal year	Calendar year
Trade organisations	WTO, BSEC, CEFTA, Open Balkan
Country group	Developing/Emerging; Upper-middle income economy;
Statistics
Population	2,793,592 (2022)
GDP	$25.297 billion (nominal, 2024); $59.099 billion (PPP, 2024);
GDP rank	118th (nominal, 2023); 117th (PPP, 2023);
GDP growth	+4.8% (2022); +3.6% (2023); +3.3% (2024);
GDP per capita	$8,800 (nominal, 2024); $20,739 (PPP, 2024);
GDP per capita rank	95th (nominal, 2023); 89th (PPP, 2023);
GDP by sector	agriculture: 21.7%; industry: 24.2%; services: 54.1%; (2017);
Inflation (CPI)	4.8% (2023)
Population below poverty line	22% in poverty (2020); 14% on less than $6.85/day (2020);
Gini coefficient	29.4 low (2020)
Human Development Index	0.796 high (2021) (67th); 0.710 high IHDI (50th) (2021);
Labour force	1,384,740 (2021); 74.8% employment rate (2022);
Labour force by occupation	agriculture: 21.4%; industry: 28.3%; services: 50.3%; (2024);
Unemployment	10.6% (Q3, 2022); youth unemployment rate 20.50 (2022);
Average gross salary	ALL 90,000 / €878 / $888 monthly (Q1, 2024)
Average net salary	ALL 75.025 / €750 / $790 monthly (Q1, 2024)
Main industries	footwear, apparel and clothing; lumber, oil, cement, chemicals, mining, basic metals, Food and beverages, hydropower, auto parts
External
Exports	$4.391.960 billion (2022 est.)
Export goods	apparel and clothing, footwear; asphalt, metals and metallic ores, crude oil; cement and construction materials, vegetables, fruits, tobacco, processed foods and beverages, hydropower, automotive parts
Main export partners	Italy 40.8%; Greece 12.7%; Spain 6.06%; Germany 4.9%; China 4.2%; Kosovo 4.1%; North Macedonia 2.8%; Czech Republic 2.5%; Serbia 2%; United States 1.8%; Turkey 1.6%; (2022);
Imports	$7.745.071 billion (2021)
Import goods	machinery and equipment, foodstuffs, textiles, chemicals
Main import partners	Italy 25.2%; Greece 21.3%; Kosovo 14.8%; Turkey 10.4%; China 7.7%; Germany 4.7%; Serbia 2.9%; Russia 1.75%; Bulgaria 1.74%; Hungary 1.5%; North Macedonia 1.4%; (2022);
FDI stock	10.074 billion (2021); Abroad: N/A;
Current account	−$1.050 billion (2022)
Gross external debt	$9.8 billion (2023)
Public finances
Government debt	67.00% of GDP (2022)
Budget balance	−3% (of GDP) (2022)
Revenues	5.4 billion (2022)
Expenses	6.4 billion (2022)
Economic aid	recipient: ODA: $366 million (top donors were Italy, EU, Germany) (2003)
Credit rating	Trading economics:; B1 (Stable);
Foreign reserves	$5.634.561 billion (2021)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Albania went through a process of transition from a centralized economy to a market-based economy on the principles of the free market.

Albania's economy is based on the service (54.1%), agriculture (21.7%), and industrial (24.2%) sectors. The country has some natural resources, and the economy is mainly bolstered by agriculture, food processing, lumber, oil, cement, chemicals, mining, basic metals, hydro power, tourism, textile industry, and petroleum extraction. The strongest sectors are energy, mining, metallurgy, agriculture, and tourism. Primary industrial exports are clothing and chrome.

Tourism has been a notable source of national income, particularly during the summer months. With over 6.4 million tourists annually in 2019, tourism generates revenue in excess of $2.4 billion.

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