Economy Overview
Poor and backward by European standards, Albania is making the difficult transition to a more modern open-market economy. The government has taken measures to curb violent crime and to spur economic activity and trade. The economy is bolstered by remittances from abroad of $400-$600 million annually, mostly from Greece and Italy; this helps offset the sizable trade deficit. Agriculture, which accounts for half of GDP, is held back because of frequent drought and the need to modernize equipment and consolidate small plots of land. Severe energy shortages are forcing small firms out of business, increasing unemployment, scaring off foreign investors, and spurring inflation. The government plans to boost energy imports to relieve the shortages. In addition, the government is moving to improve the poor national road network, a long-standing barrier to sustained economic growth.
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
9% (2000 est.)
Labor Force
1.283 million (not including 352,000 emigrant workers and 261,000 domestically unemployed) (2000 est.)
Electricity production
5.289 billion kWh (2001)
Electricity production by source
Fossil fuel: 2.9%
Hydro: 97.1%
Other: 0% (2001)
Nuclear: 0%
Electricity Consumption
5.898 billion kWh (2001)
Electricity Exports
221 million kWh (2001)
Electricity Imports
1.2 billion kWh (2001)
Unemployment Rate
17% officially; may be as high as 30% (2001 est.)
Population Below Poverty Line
30% (2001 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $697 million
Expenditures: $1.5 billion, including capital expenditures of $368 million (2002 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$784 million (2000)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
leke per US dollar - NA (2002), 143.49 (2001), 143.71 (2000), 137.69 (1999), 150.63 (1998)
