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Agriculture > products
wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products |
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Aid as % of GDP
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8.5% |
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[36th of 129]
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Debt > External
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$1,550,000,000.00 |
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[9th of 136]
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Distribution of family income > Gini index
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26.7 |
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[34th of 43]
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Economic freedom
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1.65 |
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[107th of 156]
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Economy > Overview
Lagging behind its Balkan neighbors, Albania is making the difficult transition to a more modern open-market economy. 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 of $600-$800 million, mostly from Albanians residing in Greece and Italy; this helps offset the towering trade deficit. Agriculture, which accounts for more than one-fifth of GDP, is held back because of lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land. Energy shortages and antiquated and inadequate infrastructure contribute to Albania's poor business environment, which make it difficult to attract and sustain foreign investment. The completion of a new thermal power plant near Vlore and improved transmission line between Albania and Montenegro will help relieve the energy shortages. Also, the government is moving slowly to improve the poor national road and rail network, a long-standing barrier to sustained economic growth. On the positive side, macroeconomic growth was strong in 2003-07 and inflation is low and stable. |
Exchange rates
leke per US dollar - 102.649 (2004), 121.863 (2003), 140.155 (2002), 143.485 (2001), 143.709 (2000) |
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Exports
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$1,076,000,000.00 |
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[134th of 189]
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GDP
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$9,136,082,000.00 |
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[101st of 203]
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GDP > PPP
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$15,772,000,000.00 |
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[107th of 163]
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GDP > Real growth rate
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6% |
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[84th of 198]
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GDP growth > annual %
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5.52 annual %
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[63rd of 187]
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GINI index
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31.1
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[13th of 40]
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Gross National Income
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$4,236,890,000.00 |
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[106th of 172]
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Human Development Index
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0.78 |
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[72nd of 178]
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Income category
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Lower middle income |
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Inflation rate (consumer prices)
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2.9% |
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[130th of 192]
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Population below poverty line
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25% |
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[30th of 46]
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Public debt
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51.4 % of GDP |
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[37th of 121]
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Tourist arrivals
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19,000 |
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[142nd of 152]
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... View all Economy stats
SOURCES: CIA World Factbook, 28 July 2005; calculated on the basis of data on ODA from OECD (Organisation for Economic Co-operation and Development), Development Assistance Committee. 2002. DAC Online. Database. Paris.; and data on GDP from World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC; All CIA World Factbooks 18 December 2003 to 18 December 2008; The Heritage Foundation; World Development Indicators database and CIA World Factbook; World Bank. 2005. World Development Indicators 2005.; World Development Indicators database; ; Human Development Report 2006, United Nations Development Programme; ; United Nations World Statistics Pocketbook and Statistical Yearbook
ALTERNATIVE NAMES:
Albania, Republic of Albania, Republika e Shqiperise, Shqiperia
Related links:
More facts and figures on Albania
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