Economy of Albania

Economy of Albania
	Tirana, the economic hub of Albania
Currency	Lek (ALL, L)
Fiscal year	Calendar year
Trade organisations	WTO, BSEC, CEFTA, Open Balkan
Country group	Developing/Emerging; Upper-middle income economy; EU candidate;
Statistics
Population	2,402,113 (2023)
GDP	$27.993 billion (nominal, 2025); $61.261 billion (PPP, 2025);
GDP rank	114th (nominal, 2024); 120th (PPP, 2024);
GDP growth	+4.86% (2022); +3.45% (2023); +3.25% (2024); +3.39% (2025 forecast); +3.50% (2026 forecast);
GDP per capita	$10,386 (nominal, 2025); $22,730(PPP, 2025);
GDP per capita rank	81st (nominal, 2024); 86th (PPP, 2024);
GDP by sector	agriculture: 18.62%; industry: 21.39%; services: 47.35%; (2022);
Inflation (CPI)	1.9% (February 2025)
Population below poverty line	22% in poverty (2020); 14% on less than $6.85/day (2020); 46.6% at risk of poverty or social exclusion (AROPE, 2021);
Gini coefficient	33.0 medium (2021)
Human Development Index	0.789 high maximum (2022, 74th); 0.687 medium real (2022, IHDI 60th);
Corruption Perceptions Index	42 out of 100 points (2024) (80th)
Labour force	1.376.643 (2023); 75.5% employment rate (Q4 2024);
Labour force by occupation	agriculture: 21.4%; industry: 28.3%; services: 50.3%; (2024);
Unemployment	8.8% (Q4 2024); Youth (15-29) rate: 19.1% (Q4 2024);
Average gross salary	ALL 83.401/ €850/ $920 monthly (Q4 2024) [1]
Average net salary	$700 per month
Main industries	footwear, apparel and clothing; tourism, oil, cement, chemicals, mining, basic metals, Food and beverages, hydropower, auto parts
External
Exports	$4.25 billion (2023)
Export goods	apparel and clothing, footwear; asphalt, metals and metallic ores, crude oil; cement and construction materials, vegetables, fruits, tobacco, processed foods and beverages, hydropower, automotive parts
Main export partners	Italy 40.8%; Greece 12.7%; Spain 6.06%; Germany 4.9%; China 4.2%; Kosovo 4.1%; North Macedonia 2.8%; Czech Republic 2.5%; Serbia 2%; United States 1.8%; Turkey 1.6%; (2022);
Imports	$8.76 billion (2023)
Import goods	machinery and equipment, foodstuffs, textiles, chemicals
Main import partners	Italy 25.2%; Greece 21.3%; Kosovo 14.8%; Turkey 10.4%; China 7.7%; Germany 4.7%; Serbia 2.9%; Russia 1.75%; Bulgaria 1.74%; Hungary 1.5%; North Macedonia 1.4%; (2022);
FDI stock	10.074 billion (2021); Abroad: N/A;
Current account	−$1.050 billion (2022)
Gross external debt	$8.5 billion (2023)
Public finances
Government debt	55.5% of GDP (2024)
Foreign reserves	$5.634.561 billion (2021)
Budget balance	−3% (of GDP) (2022)
Revenues	5.4 billion (2022)
Expenses	6.4 billion (2022)
Economic aid	recipient: ODA: $366 million (top donors were Italy, EU, Germany) (2003)
Credit rating	Standard & Poor's:; B1 (Stable);
	All values, unless otherwise stated, are in US dollars.

The economy of Albania went through a process of transition from a centralized economy to a market-based economy on the principles of the free market.

Albania's economy is based on the service (54.1%), agriculture (21.7%), and industrial (24.2%) sectors.^[5] The country has some natural resources, and the economy is mainly bolstered by agriculture, food processing, lumber, oil, cement, chemicals, mining, basic metals, hydro power, tourism, textile industry, and petroleum extraction. The strongest sectors are energy, mining, metallurgy, agriculture, and tourism. Primary industrial exports are clothing and chrome.

Tourism has been a notable source of national income, particularly during the summer months. With over 6.4 million tourists visiting Albania in 2019, tourism generates revenue in excess of $2.4 billion annually.^[22]

^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 10 October 2020. Retrieved 29 September 2019.
^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
^ "Censi i Popullsisë dhe Banesave në Shqipëri 2023: Rezultatet Kryesore – Albania Population and Housing Census 2023: Main Results" (PDF). Instituti i Statistikës (INSTAT). 2024. Archived (PDF) from the original on 14 August 2024. Retrieved 4 September 2024.
^ ^a ^b ^c ^d ^e "World Economic Outlook Database, October 2024". IMF.org. International Monetary Fund. 22 October 2024. Retrieved 19 March 2025.
^ ^a ^b ^c ^d ^e ^f ^g ^h ⁱ ^j ^k "Albania". CIA.gov. Central Intelligence Agency. 25 November 2024. Archived from the original on 17 December 2021. Retrieved 24 January 2021.
^ "Consumer Price Index February 2025" (PDF). Institute of Statistics (Albania). 10 March 2025. Retrieved 19 March 2025.{{cite web}}: CS1 maint: url-status (link)
^ "Poverty headcount ratio at national poverty lines (% of population)". data.worldbank.org. World Bank. Retrieved 18 February 2023.
^ "Poverty headcount ratio at $6.85 a day (2017 PPP) (% of population) - Albania". data.worldbank.org. World Bank. Archived from the original on 29 January 2023. Retrieved 18 February 2023.
^ "People at risk of poverty or social exclusion by sex". Eurostat. Retrieved 13 October 2023.
^ "Gini coefficient of equivalised disposable income - EU-SILC survey". Eurostat. Archived from the original on 9 October 2020. Retrieved 28 March 2023.
^ "Human Development Index (HDI)". Human Development Report HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 15 December 2019. Retrieved 24 September 2022.
^ "Inequality-adjusted HDI (IHDI)". United Nations Development Programme. Archived from the original on 25 June 2016. Retrieved 13 October 2022.
^ "Corruption Perceptions Index". Transparency International. 30 January 2024. Archived from the original on 30 January 2024. Retrieved 15 July 2024.
^ "Labor force, total - Albania". data.worldbank.org. World Bank. Archived from the original on 31 July 2020. Retrieved 11 January 2020.
^ ^a ^b ^c "Anketa Tremujore e Forcave të Punës, T4 - 2024". instat.gov.al. 2025. Retrieved 15 March 2025.
^ Simoes, Alexander. "Albania 2023, export/import". Observatory of Economic Complexity. Retrieved 13 January 2020.
^ ^a ^b "Foreign trade partners of Albania". The Observatory of Economic Complexity. Archived from the original on 2 August 2023. Retrieved 7 April 2023.
^ "Albania 2023, export/import". Observatory of Economic Complexity. Retrieved 13 January 2020.
^ "Buletini Statistikor I Borxhit" [Debt Statistical Bulletin] (PDF) (in Albanian). Ministry of Finance and Economy (Albania). 31 March 2020. Archived (PDF) from the original on 2020-11-19.
^ "Albania International reserves, 1960-2018". Knoema. Archived from the original on 31 December 2019. Retrieved 13 January 2020.
^ "Sovereigns rating list". SEENews: Business Intelligence for South East Europe. 6 February 2017. Archived from the original on 6 February 2017. Retrieved 12 July 2017. Standard & Poor's said it has raised its long- and short-term foreign and local currency sovereign credit ratings on Albania at C+ with a stable outlook.
^ "Albania tourism data". worlddata.info. Archived from the original on 8 February 2023. Retrieved 2 February 2023.

[1] "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 10 October 2020. Retrieved 29 September 2019.

[2] "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.

[3] "Censi i Popullsisë dhe Banesave në Shqipëri 2023: Rezultatet Kryesore – Albania Population and Housing Census 2023: Main Results" (PDF). Instituti i Statistikës (INSTAT). 2024. Archived (PDF) from the original on 14 August 2024. Retrieved 4 September 2024.

[IMFOCT24-4] "World Economic Outlook Database, October 2024". IMF.org. International Monetary Fund. 22 October 2024. Retrieved 19 March 2025.

[CIAWFAL-5] ^ ^a ^b ^c ^d ^e ^f ^g ^h ⁱ ^j ^k "Albania". CIA.gov. Central Intelligence Agency. 25 November 2024. Archived from the original on 17 December 2021. Retrieved 24 January 2021.

[6] "Consumer Price Index February 2025" (PDF). Institute of Statistics (Albania). 10 March 2025. Retrieved 19 March 2025.{{cite web}}: CS1 maint: url-status (link)

[7] "Poverty headcount ratio at national poverty lines (% of population)". data.worldbank.org. World Bank. Retrieved 18 February 2023.

[8] "Poverty headcount ratio at $6.85 a day (2017 PPP) (% of population) - Albania". data.worldbank.org. World Bank. Archived from the original on 29 January 2023. Retrieved 18 February 2023.

[9] "People at risk of poverty or social exclusion by sex". Eurostat. Retrieved 13 October 2023.

[10] "Gini coefficient of equivalised disposable income - EU-SILC survey". Eurostat. Archived from the original on 9 October 2020. Retrieved 28 March 2023.

[11] "Human Development Index (HDI)". Human Development Report HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 15 December 2019. Retrieved 24 September 2022.

[12] "Inequality-adjusted HDI (IHDI)". United Nations Development Programme. Archived from the original on 25 June 2016. Retrieved 13 October 2022.

[ti_2023-13] "Corruption Perceptions Index". Transparency International. 30 January 2024. Archived from the original on 30 January 2024. Retrieved 15 July 2024.

[14] "Labor force, total - Albania". data.worldbank.org. World Bank. Archived from the original on 31 July 2020. Retrieved 11 January 2020.

[anketaq424-15] "Anketa Tremujore e Forcave të Punës, T4 - 2024". instat.gov.al. 2025. Retrieved 15 March 2025.

[16] Simoes, Alexander. "Albania 2023, export/import". Observatory of Economic Complexity. Retrieved 13 January 2020.

[OEC-17] "Foreign trade partners of Albania". The Observatory of Economic Complexity. Archived from the original on 2 August 2023. Retrieved 7 April 2023.

[18] "Albania 2023, export/import". Observatory of Economic Complexity. Retrieved 13 January 2020.

[Ministry_of_Finance-19] "Buletini Statistikor I Borxhit" [Debt Statistical Bulletin] (PDF) (in Albanian). Ministry of Finance and Economy (Albania). 31 March 2020. Archived (PDF) from the original on 2020-11-19.

[20] "Albania International reserves, 1960-2018". Knoema. Archived from the original on 31 December 2019. Retrieved 13 January 2020.

[21] "Sovereigns rating list". SEENews: Business Intelligence for South East Europe. 6 February 2017. Archived from the original on 6 February 2017. Retrieved 12 July 2017. Standard & Poor's said it has raised its long- and short-term foreign and local currency sovereign credit ratings on Albania at C+ with a stable outlook.

[22] "Albania tourism data". worlddata.info. Archived from the original on 8 February 2023. Retrieved 2 February 2023.

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

[15]

[16]

[17]

[18]

[19]

[20]

[21]

[22]