1UpTravel


 

You are here > 1Up Travel > Countries of the World > Europe > Albania



ADVERTISEMENT

Country

 Country Facts

  Introduction

  Geography

  People

  Government

  Economy

  Communications

  Transportation

  Military

  Maps & Cities

  Transnational issues


Related

  Albania Guide

  • Examine the Detailed Country Study on Albania
      Albania Maps
      Albania Hotels
      Albania Flag
      More Albania Flags
      Albania Geography
      Albania Travel Warning



  • Travel & Tourism . Tourist Guide to the Country

    Albania Economy




    Albania    Economy Top of Page
    Economy - overview: Poor by European standards, Albania is making the difficult transition to a more open-market economy. The economy rebounded in 1993-95 after a severe depression accompanying the end of the previous centrally planned system in 1990 and 1991. However, a weakening of government resolve to maintain stabilization policies in the election year of 1996 contributed to renewal of inflationary pressures, spurred by the budget deficit which exceeded 12% of GDP. The collapse of financial pyramid schemes in early 1997 - which had attracted deposits from a substantial portion of Albania's population - triggered severe social unrest which led to more than 1,500 deaths, widespread destruction of property, and a 7% drop in GDP. The government has taken measures to curb violent crime and to revive economic activity and trade. The economy is bolstered by remittances from some 20% of the labor force that works abroad, mostly in Greece and Italy. These remittances supplement GDP and help offset the large foreign trade deficit. Most agricultural land was privatized in 1992, substantially improving peasant incomes. In 1998, Albania recovered the 7% drop in GDP of 1997 and pushed ahead by 8% in 1999 and by 7.5% in 2000. International aid helped defray the high costs of receiving and returning refugees from the Kosovo conflict. Privatization scored some successes in 2000, but other reforms lagged.
    GDP: purchasing power parity - $10.5 billion (2000 est.)
    GDP - real growth rate: 7.5% (2000 est.)
    GDP - per capita: purchasing power parity - $3,000 (2000 est.)
    GDP - composition by sector: agriculture:  55%

    industry:  24%

    services:  21% (2000)
    Population below poverty line: 19.6% (1996 est.)
    Household income or consumption by percentage share: lowest 10%:  NA%

    highest 10%:  NA%
    Inflation rate (consumer prices): 1% (2000 est.)
    Labor force: 1.692 million (including 352,000 emigrant workers and 261,000 domestically unemployed) (1994 est.)
    Labor force - by occupation: agriculture 50%, industry and services 50%
    Unemployment rate: 16% (2000 est.) officially; may be as high as 25%
    Budget: revenues:  $393 million

    expenditures:  $676 million, including capital expenditures of $NA (1997 est.)
    Industries: food processing, textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower
    Industrial production growth rate: 9% (2000 est.)
    Electricity - production: 5.332 billion kWh (1999)
    Electricity - production by source: fossil fuel:  3.81%

    hydro:  96.19%

    nuclear:  0%

    other:  0% (1999)
    Electricity - consumption: 5.379 billion kWh (1999)
    Electricity - exports: 100 million kWh (1999)
    Electricity - imports: 600 million kWh (2000)
    Agriculture - products: wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products
    Exports: $310 million (f.o.b., 2000 est.)
    Exports - commodities: textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco
    Exports - partners: Italy 67%, Greece 15%, Germany 5%, Austria 2%, The Former Yugoslav Republic of Macedonia 2% (2000)
    Imports: $1 billion (f.o.b., 2000 est.)
    Imports - commodities: machinery and equipment, foodstuffs, textiles, chemicals
    Imports - partners: Italy 37%, Greece 28%, Turkey 6%, Germany 6%, Bulgaria 3% (2000)
    Debt - external: $1 billion (2000)
    Economic aid - recipient: $NA; aid for energy from China, Germany, Norway (2000)
    Currency: lek (ALL)
    Currency code: ALL
    Exchange rates: leke per US dollar - 146.08 (December 2000),143.71 (2000) 137.69 (1999), 150.63 (1998), 148.93 (1997), 104.50 (1996); note - leke is the plural of lek
    Fiscal year: calendar year

     

    Countryfacts Information Courtesy: CIA Worldbook








    Make 1Up Travel your HomepageSend this Page to a FriendGo to Top of PagePrint this PageAdd 1Up Travel to your Favorites


    CHANNELS

    Compare Country Info Hotel Directory Geography Flags World Maps Travel Warnings National Parks

    DESTINATIONS

    Asia Africa Caribbean Middle East North America South America Central America Oceania Pacific Europe Polar Regions

    PHOTO SPECIAL

    Destinations Monuments Ancient Wonders Modern Wonders Natural Wonders

    UTILITIES

    World Time ISD Codes Travel Links Link Exchange

     



    Disclaimer: Although we've tried to make the information on this web site as accurate as possible, we accept no responsibility for any loss, injury or inconvenience sustained by any person resulting from information published on this site. We encourage you to verify any critical information with the relevant authorities before you travel.

    Copyright 1Up Travel All Rights Reserved.
    Go Up

    Privacy Policy