![]() Tirana, the economic hub of Albania | |
Currency | Lek (ALL, L) |
---|---|
Calendar year | |
Trade organisations | WTO, BSEC, CEFTA, Open Balkan |
Country group |
|
Statistics | |
Population | 2,402,113 (2023)[4] |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
3.5% (2024)[5] | |
Population below poverty line | |
33.0 medium (2021)[9] | |
37 out of 100 points (2023)[12] (98th) | |
Labour force | |
Labour force by occupation |
|
Unemployment |
|
Average gross salary | ALL 75.025 / €750 / $790 monthly (Q4, 2023) |
$481 per month | |
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.)[3][16] |
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)[3] |
Import goods | machinery and equipment, foodstuffs, textiles, chemicals |
Main import partners | |
FDI stock |
|
−$1.050 billion (2022)[3] | |
Gross external debt | $9.8 billion (2023)[3] |
Public finances | |
67.00% of GDP (2022)[18] | |
−3% (of GDP) (2022)[3] | |
Revenues | 5.4 billion (2022)[3] |
Expenses | 6.4 billion (2022)[3] |
Economic aid | recipient: ODA: $366 million (top donors were Italy, EU, Germany) (2003) |
| |
$5.634.561 billion (2021)[20] | |
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.[3] 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 visiting Albania in 2019, tourism generates revenue in excess of $2.4 billion annually.[21]
Standard & Poor's said it has raised its long- and short-term foreign and local currency sovereign credit ratings on Albania at C+ with a stable outlook.