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 one-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 and antiquated and inadequate infrastructure make it difficult to attract and sustain foreign investment. The government plans to boost energy imports to relieve the shortages and is moving slowly to improve the poor national road and rail 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
2.7% (2003 est.)
Labor Force
1.35 million (not including 352,000 emigrant workers) (2003 est.)
Electricity production
5.289 billion kWh (2001)
Electricity Consumption
5.898 billion kWh (2001)
Electricity Exports
221 million kWh (2001)
Electricity Imports
1.2 billion kWh (2001)
Unemployment Rate
15.8% officially; may be as high as 30% (2003 est.)
Population Below Poverty Line
30% (2001 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: NA
Highest 10%: NA
Budget
Revenues: $1.36 billion
Expenditures: $1.627 billion, including capital expenditures of $406 million (2003 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$1.41 billion (2003)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
leke per US dollar - 121.863 (2003), 140.155 (2002), 143.485 (2001), 143.709 (2000), 137.691 (1999)
