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Albania

Albanian Economy Stats

Overview:

Albania, a formerly closed, centrally-planned state, is making the difficult transition to a more modern open-market economy. Macroeconomic growth averaged around 6% between 2004-08, but declined to about 3% in 2009-10. Inflation is low and stable. The government has taken measures to curb violent crime, and recently adopted a fiscal reform package aimed at reducing the large gray economy and attracting foreign investment. The economy is bolstered by annual remittances from abroad representing about 15% of GDP, mostly from Albanians residing in Greece and Italy; this helps offset the towering trade deficit. The agricultural sector, which accounts for over half of employment but only about one-fifth of GDP, is limited primarily to small family operations and subsistence farming because of lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land. Energy shortages because of a reliance on hydropower, and antiquated and inadequate infrastructure contribute to Albania's poor business environment and lack of success in attracting new foreign investment needed to expand the country's export base. The completion of a new thermal power plant near Vlore has helped diversify generation capacity, and plans to upgrade transmission lines between Albania and Montenegro and Kosovo would help relieve the energy shortages. Also, with help from EU funds, the government is taking steps to improve the poor national road and rail network, a long-standing barrier to sustained economic growth.

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Currency > Least valued currency unit > Exchange rate to 1 US dollar: Exchange rate of some of the least valued currencies in the world with regards to the US Dollars, as of Jan 23, 2011.
  • Debt > Government debt > Public debt, share of GDP: Public debt as % of GDP (CIA).

    No date was available from the Wikipedia article, so we used the date of retrieval.

  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition, by sector of origin > Services: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Figures expressed per capita for the same year.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
  • Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $3.05 billion 2013 125th out of 223
Budget surplus > + or deficit > - -3.4% of GDP 2012 107th out of 182
Currency > Least valued currency unit > Exchange rate to 1 US dollar 104.78 2011 17th out of 17
Debt > Government debt > Public debt, share of GDP 60.6 CIA 2014 47th out of 153
Exports $1.12 billion 2012 144th out of 189
GDP $13.12 billion 2012 115th out of 177
GDP > Composition, by sector of origin > Services 66.5% 2012 69th out of 189
GDP > Per capita $7,302.03 per capita 2010 52nd out of 118
GDP > Per capita > PPP $8,000.00 2012 101st out of 188
GDP > Purchasing power parity per capita $7,406.01 2010 93th out of 181
GDP per capita $4,148.85 2012 97th out of 177
Gross National Income $4.24 billion 2001 99th out of 158
Inflation rate > Consumer prices 2% 2012 163th out of 199
Population below poverty line 12.5% 2008 13th out of 17
Unemployment rate 13% 2012 27th out of 112

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; Xe Currency Converter; Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; CIA World Factbooks 18 December 2003 to 28 March 2011. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; CIA World Factbooks 18 December 2003 to 28 March 2011

Citation

"Albania Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Albania/Economy

NationMaster

Albania Economy Profiles (Subcategories)

Adjusted savings 3 Labor force 3
Aid 5 Long-term debt 4
Balance of payments 33 Merchandise 4
Bank and trade-related lending 4 Merchandise imports 4
Budget 15 Micro 4
Business 5 National accounts 96
Changes in net 4 Natural gas 8
Commercial service 4 Net capital account 4
Commercial service imports 4 Net current transfers 4
Companies 26 Net current transfers from abroad 5
Currency 12 Net errors and omissions 4
Current account balance 5 Net financial flows 20
Current transfers 4 Net income 4
Debt 98 Net income from abroad 5
Economic aid 3 Net incurrence of liabilities 3
Electricity 8 Net trade in goods 4
Entrepreneurship 12 Net trade in goods and services 4
Exports 3 Official development assistance and official aid 4
External balance on goods and services 7 Oil 10
External debt 210 Portfolio investment 4
Final 20 Poverty 17
Financial sector 26 Poverty and inequality 16
Foreign aid 42 Private investment 3
Foreign direct investment 10 Private nonguaranteed debt 4
GDP 42 Public and publicly guaranteed debt service 6
GDP per capita 4 Public and publicly guaranteed (PPG) debt 3
GNI 12 Purchasing power parity 10
Goods 4 Reserves 6
Goods imports 4 Retail 3
Government 12 Royalty and license fees 8
Government spending 5 Savings 42
Gross capital formation 10 Service 4
Gross domestic savings 5 Service imports 4
Gross fixed capital formation 10 Services 10
Gross national expenditure 9 Spending 73
Gross savings 6 Tax 51
Gross value added at factor cost 9 Total 9
Household final 23 Total debt service 6
IBRD loans and IDA credits 4 Tourism 21
Income 24 Tourism expenditures 5
Income payments 4 Tourism receipts 5
Income receipts 4 Tourist arrivals by region of origin 8
Inflation 9 Trade 1213
Innovation 22 Trademark applications 4
Interest payments 3 Use of IMF credit 4
International tourism 14 Welfare 5

0

I think Albania has got a long way to becoming a stable country and corruption free.
Its doesn't take much, only a little effort of the fealthy politicias!
Please make that effort for the good of the Albanian people as they deserve it.

Posted on 09 Sep 2009

Simon Ndoj

Simon Ndoj