Albania

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Introduction - Albania:
Location - Albania:
People - Albania:
Government - Albania:
Economy - Albania:

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 reduce the large gray economy. 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 about one-quarter 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 Albanias poor business environment, which make it difficult to attract and sustain foreign investment. The planned construction of a new thermal power plant near Vlore and improved transmission and distribution facilities eventually 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, growth was strong in 2003-06 and inflation is low and stable.

Gdp purchasing power parity

$20.46 billion
note: Albania has a large gray economy that may be as large as 50% of official GDP (2006 est.)

Gdp official exchange rate

$9.306 billion (2006 est.)

Gdp real growth rate

5% (2006 est.)

Gdp per capita ppp

$5,700 (2006 est.)

Gdp composition by sector

agriculture: 23.3%
industry: 18.8%
services: 57.9% (2006 est.)

Labor force

1.09 million (not including 352,000 emigrant workers) (September 2006 est.)

Labor force by occupation

agriculture: 58%
industry: 15%
services: 27% (September 2006 est.)

Unemployment rate

13.8% official rate, but may exceed 30% due to preponderance of near-subsistence farming (September 2006 est.)

Population below poverty line

25% (2004 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Distribution of family income gini index

26.7 (2005)

Inflation rate consumer prices

2.5% (2006)

Investment gross fixed

24.5% of GDP (2006 est.)

Budget

revenues: $2.608 billion
expenditures: $3.1 billion; including capital expenditures of $710 million (2007 est.)

Agriculture products

wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products

Industries

food processing, textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower

Industrial production growth rate

3.4% (2005 est.)

Electricity production

5.451 billion kWh (2005)

Electricity consumption

3.53 billion kWh (2005)

Electricity exports

729 million kWh (2005)

Electricity imports

385 million kWh (2005)

Oil production

3,600 bbl/day (2005 est.)

Oil consumption

25,200 bbl/day (2005 est.)

Oil exports

1,240 bbl/day (2004 est.)

Oil imports

21,600 bbl/day (2005 est.)

Oil proved reserves

165 million bbl (1 January 2005)

Natural gas production

30 million cu m (2004 est.)

Natural gas consumption

30 million cu m (2004 est.)

Natural gas exports

0 cu m (2004 est.)

Natural gas imports

0 cu m (2004 est.)

Natural gas proved reserves

2.832 billion cu m (1 January 2005 est.)

Current account balance

-$679.9 million (2006 est.)

Exports

$763.2 million f.o.b. (2006 est.)

Exports commodities

textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco

Exports partners

Italy 67.8%, Serbia and Montenegro 5.8%, Greece 5.4% (2006)

Imports

$2.901 billion f.o.b. (2006 est.)

Imports commodities

machinery and equipment, foodstuffs, textiles, chemicals

Imports partners

Italy 32%, Greece 17.7%, Turkey 8%, Germany 5.6% (2006)

Reserves of foreign exchange and gold

$1.621 billion (2006 est.)

Debt external

$1.55 billion (2004)

Economic aid recipient

ODA: $366 million
note: top donors were Italy, EU, Germany (2003 est.)

Currency code

lek (ALL)
note: the plural of lek is leke

Exchange rates

leke per US dollar - 98.384 (2006), 102.649 (2005), 102.78 (2004), 121.863 (2003), 140.155 (2002)

Communications - Albania:
Transportation - Albania:
Military - Albania:
This page was last updated on 16 September, 2007
Source: CIA >>>


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