Economy Overview
Inward FDI has increased significantly in recent years as the government has embarked on an ambitious program to improve the business climate through fiscal and legislative reforms. The government is focused on the simplification of licensing requirements and tax codes, and it entered into a new arrangement with the IMF for additional financial and technical support. Albania’s IMF program may be at risk, however, because the government has not collected sufficient tax revenue needed to reduce the budget deficit. The country continues to face increasing public debt, exceeding its former statutory limit of 60% of GDP in 2013 and reaching 73% in 2015.
Agriculture Products
wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products; sheep
Industries
food and tobacco products; textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower
Industrial Production Growth Rate
2.3% (2015 est.)
Labor Force
1.122 million (2015 est.)
Labor Force by Occupation
Agriculture: 41.8%
Industry: 11.4%
Services: 46.8% (December 2014 est)
Unemployment Rate
17.5% (2014 est.)
Population Below Poverty Line
14.3% (2012 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 4.1%
Highest 10%: 20.5% (2012)
Distribution of Family Income Gini Index
30 (2008 est.)
Budget
Revenues: $3.019 billion
Expenditures: $3.472 billion (2015 est.)
Public Debt
69.3% of GDP (2014 est.)
Central Bank Discount Rate
3% (31 December 2013)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$3.066 billion (31 December 2014 est.)
Stock of Broad Money
$6.269 billion (31 December 2014 est.)
Stock of Domestic Credit
$8.231 billion (31 December 2014 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$2.665 billion (31 December 2014 est.)
Debt External
$8 billion (31 December 2014 est.)
Stock of Direct Foreign Investment at Home
$4.994 billion (31 December 2012)
Stock of Direct Foreign Investment Abroad
Exchange Rates
100.9 (2011 est.)
