Economy of Albania

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.

Economy of Albania
Tirana, the economic hub of Albania
CurrencyLek (ALL, L)
Calendar year
Trade organisations
WTO, BSEC, CEFTA, Open Balkan
Country group
Statistics
Population2,793,592 (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)
4.8% (2023)
Population below poverty line
  • 22% in poverty (2020)
  • 14% on less than $6.85/day (2020)
29.4 low (2020)
  • 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
Imports$7.745.071 billion (2021)
Import goods
machinery and equipment, foodstuffs, textiles, chemicals
Main import partners
FDI stock
  • 10.074 billion (2021)
  • Abroad: N/A
−$1.050 billion (2022)
$9.8 billion (2023)
Public finances
Government debt
67.00% of GDP (2022)
−3% (of GDP) (2022)
Revenues5.4 billion (2022)
Expenses6.4 billion (2022)
Economic aidrecipient: ODA: $366 million (top donors were Italy, EU, Germany) (2003)
Credit rating
  • Trading economics:
  • B1 (Stable)
$5.634.561 billion (2021)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

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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