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Europe
Albania |
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Last reviewed: 16 March 2009 |
Country information
Economy
Basic economic facts
GDP: US$20.87 bn (2007 est)GDP per head: US$ 2935 (2006 est.)
Annual growth: 6.0% (2007 est.)
Inflation: 2.9% (2007 est.)
Major industries: Cement, Oil, Chromium, nickel, copper, hydroelectric power
Major trading partners: Italy, Greece, Germany, Bulgaria, Turkey, Macedonia
Exchange rate: 92.63 Lek ALL per US dollar (xe.com Jan 2009 est)
Albania is one of the poorest countries in Europe. Since 1990, the economy has struggled to recover from the distortions of the communist regime, the impact of the move to a market economy and the 1997 Pyramid Crisis. Growth is strong albeit from a very low base. Energy provision remains a serious problem as a result of under investment and low water levels in the reservoirs on which hydroelectric production depends. The maintenance of law and order remains a problem in Albania. There are high levels of organised crime and corruption.
Privatisation is ongoing, but has been completed in small and medium sized enterprises. Service, 58% (2006 est.), and agricultural sectors, 23%, drive growth. Only around 10% of Albania's GDP is generated by exports. Of those exports, around 85% go to the EU. Overseas remittances play an important role, contributing about US$800 million in revenue to the Albanian economy.
Albania is rich in mineral resources, with chrome, ferrochrome, iron, nickel and copper present in considerable quantities. There are also oil and gas reserves. Mineral extraction offers good prospects but requires sizeable foreign investment.
