Albania Economic Statistics and Indicators
31, Aug 2015, EDT. Welcome to the Albania economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.
Economic Indicators For: Albania › Change country
National or Regional Currency: Lek, ALL
Year of data: 2014 › Change year
Number of Indicators Listed: 36
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 3,020,209 (July 2014 est.)
Area: total: 28,748 sq km ; land: 27,398 sq km ; water: 1,350 sq km
Natural Resources: petroleum, natural gas, coal, bauxite, chromite, copper, iron ore, nickel, salt, timber, hydropower
Capital: name: Tirana (Tirane) ; geographic coordinates: 41 19 N, 19 49 E ; time difference: UTC+1 (6 hours ahead of Washington, DC, during Standard Time) ; daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Albania, a formerly closed, centrally-planned state, is making the difficult transition to a more modern open-market economy. Albania managed to weather the first waves of the global financial crisis but, more recently, its negative effects have put some pressure on the Albanian economy. While the government is focused on establishing a favorable business climate through the simplification of licensing requirements and tax codes, it entered into a new arrangement with the IMF for additional financial and technical support. Remittances, a significant catalyst for economic growth declined from 12-15% of GDP before the 2008 financial crisis to 7% of GDP in 2012, mostly from Albanians residing in Greece and Italy. The agricultural sector, which accounts for almost half of employment but only about one-fifth of GDP, is limited primarily to small family operations and subsistence farming, because of a lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land. Complex tax codes and licensing requirements, a weak judicial system, poor enforcement of contracts and property issues, and antiquated infrastructure contribute to Albania's poor business environment and makes attracting foreign investment more difficult. Inward FDI is among the lowest in the region, but the government has embarked on an ambitious program to improve the business climate through fiscal and legislative reforms. Albania’s energy supply has improved in recent years mostly due to upgraded transmission capacities that Albania has developed with its neighboring countries. However, technical and non-technical losses - including energy theft and non-payment - continue to be a threat to the financial viability of the entire system. Also, with help from international donors, the government is taking steps to improve the poor national road and rail network, a long-standing barrier to sustained economic growth. The country will continue to face challenges from increasing public debt, having exceeded its former statutory limit of 60% of GDP in 2013. Strong trade, remittance, and banking sector ties with Greece and Italy make Albania vulnerable to spillover effects of debt crises and weak growth in the euro zone.
More on the Albania Economy
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GDP (Constant Prices, National Currency) for Albania in year 2014 is ALL 682.929 Billion.
GDP (Current Prices, National Currency) for Albania in year 2014 is ALL 1,396.12 Billion.
GDP (Current Prices, US Dollars) for Albania in year 2014 is US$ 13.591 Billion.
GDP Deflator for Albania in year 2014 is 204.431 (Index, Base Year as per country's accounts = 100).
GDP Per Capita (Constant Prices, National Currency) for Albania in year 2014 is ALL 246,217.87 .
GDP Per Capita (Current Prices, National Currency) for Albania in year 2014 is ALL 503,345.31 .
GDP Per Capita (Current Prices, US Dollars) for Albania in year 2014 is US$ 4,900.00 .
GDP (PPP), US Dollars for Albania in year 2014 is US$ 30.662 Billion.
GDP Per Capita (PPP), US Dollars for Albania in year 2014 is US$ 11,054.73 .
Investment (% of GDP) for Albania in year 2014 is 24.918 %.
Inflation, Average Consumer Prices (Indexed to Year 2000) for Albania in year 2014 is 117.298 (Index, Base Year 2000 = 100).
Inflation, End of Year (Indexed to Year 2000) for Albania in year 2014 is 118.238 (Index, Base Year 2000 = 100).
Population for Albania in year 2014 is 2.774 Million .
General government revenue (National Currency) for Albania in year 2014 is ALL 364.704 Billions.
General government total expenditure (National Currency) for Albania in year 2014 is ALL 458.505 Billions.
Total Government Net Lending/ Borrowing (National Currency) for Albania in year 2014 is ALL -93.801 Billions.
Fiscal Year Gross Domestic Product, Current Prices for Albania in year 2014 is ALL 1,396.12 Billions.
Current Account Balance (US Dollars) for Albania in year 2014 is US$ -1.499 Billion.
Current Account Balance (% GDP) for Albania in year 2014 is -11.027 %.
|Number of Internet Users for Albania|
|Internet Penetration Rate for Albania|
|Number of Facebook Accounts for Albania|
|Facebook Penetration Rate for Albania|
|Corruption Perceptions Index Rank and Score for Albania|
Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, The Heritage Foundation and Transparency International