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 three-year IMF program, an extended fund facility arrangement, was successfully concluded in February 2017. Albania’s 2017 budget aims to reach a small primary surplus, which the Albanian Government plans to achieve by strengthening tax collection amid moderate public wage and pension increases. The country continues to face high public debt, exceeding its former statutory limit of 60% of GDP in 2013 and reaching 71% in 2016.
Agriculture Products
wheat, corn, potatoes, vegetables, fruits, olives and olive oil, grapes; meat, dairy products; sheep and goats
Industries
food; footwear, apparel and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower
Industrial Production Growth Rate
3.2% (2016 est.)
Labor Force
1.358 million (2016 est.)
Labor Force by Occupation
Agriculture: 41.8%
Industry: 11.4%
Services: 46.8% (December 2014 est)
Unemployment Rate
13.3% (2015 est.)
Population Below Poverty Line
14.3% (2012 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 4.1%
Highest 10%: 19.6% (2015 est.)
Distribution of Family Income Gini Index
30 (2008 est.)
Budget
Revenues: $3.279 billion
Expenditures: $3.494 billion (2016 est.)
Public Debt
72.6% of GDP (2015 est.)
Central Bank Discount Rate
1.75% (31 December 2015)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$3.054 billion (31 December 2015 est.)
Stock of Broad Money
$5.747 billion (31 December 2015 est.)
Stock of Domestic Credit
$7.178 billion (31 December 2015 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$3.139 billion (31 December 2015 est.)
Debt External
$8.269 billion (31 December 2015 est.)
Stock of Direct Foreign Investment at Home
$5.459 billion (31 December 2013)
Stock of Direct Foreign Investment Abroad
Exchange Rates
108.19 (2012 est.)
