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Albania Economy 2009
http://www.geographic.org/wfb2009/albania/albania_economy.html
SOURCE: 2009 CIA WORLD FACTBOOK

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Economy - overview:
Lagging behind its Balkan neighbors, Albania is making the difficult transition to a more modern open-market economy. Macroeconomic growth has averaged around 5% over the last five years and inflation is low and stable. The government has taken measures to curb violent crime, and recently adopted a fiscal reform package aimed at reducing the large gray economy and attracting foreign investment. The economy is bolstered by annual remittances from abroad representing about 15% of GDP, mostly from Albanians residing in Greece and Italy; this helps offset the towering trade deficit. The agricultural sector, which accounts for over half of employment but only about one-fifth of GDP, is limited primarily to small family operations and subsistence farming because of lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land. Energy shortages because of a reliance on hydropower, and antiquated and inadequate infrastructure contribute to Albania's poor business environment and lack of success in attracting new foreign investment. The completion of a new thermal power plant near Vlore has helped diversify generation capacity, and plans to improve transmission lines between Albania and Montenegro and Kosovo would help relieve the energy shortages. Also, with help from EU funds, the government is taking steps to improve the poor national road and rail network, a long-standing barrier to sustained economic growth.

GDP (purchasing power parity):
$21.82 billion (2008 est.)
$20.57 billion (2007)
$19.4 billion (2006)
note: Albania has a large informal sector that may be as large as 50% of official GDP

GDP (official exchange rate):
$13.52 billion (2008 est.)

GDP - real growth rate:
6.1% (2008 est.)
6% (2007 est.)
5.5% (2006 est.)

GDP - per capita (PPP):
$6,000 (2008 est.)
$5,700 (2007 est.)
$5,400 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector:
agriculture: 20.6%
industry: 19.9%
services: 59.5% (2008 est.)

Labor force:
1.09 million (not including 352,000 emigrant workers) (September 2006 est.)

Labor force - by occupation:
agriculture: 58%
industry: 15%
services: 27% (September 2006 est.)

Unemployment rate:
12.5% official rate, but may exceed 30% due to preponderance of near-subsistence farming (2008 est.)

Household income or consumption by percentage share:
lowest 10%: 3.4%
highest 10%: 24.4% (2004)

Distribution of family income - Gini index:
26.7 (2005)

Investment (gross fixed):
22.8% of GDP (2008 est.)

Budget:
revenues: $3.771 billion
expenditures: $4.538 billion (2008 est.)

Public debt:
51.2% of GDP (2008 est.)

Inflation rate (consumer prices):
4% (2008 est.)

Central bank discount rate:
6.25% (31 December 2007)

Commercial bank prime lending rate:
14.1% (31 December 2007)

Stock of money:
$2.707 billion (31 December 2007)

Stock of quasi money:
$6.433 billion (31 December 2007)

Stock of domestic credit:
$7.341 billion (31 December 2007)

Market value of publicly traded shares:
$NA

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:
3% (2008 est.)

Electricity - production:
2.892 billion kWh (2007 est.)

Electricity - consumption:
3.607 billion kWh (2007 est.)

Electricity - exports:
0 kWh (2007 est.)

Electricity - imports:
2.8 billion kWh (2007 est.)

Oil - production:
6,425 bbl/day (2007 est.)

Oil - consumption:
30,900 bbl/day (2006 est.)

Oil - exports:
748.9 bbl/day (2005 est.)

Oil - imports:
24,860 bbl/day (2005 est.)

Oil - proved reserves:
199.1 million bbl (1 January 2008 est.)

Natural gas - production:
30 million cu m (2006 est.)

Natural gas - consumption:
30 million cu m (2006 est.)

Natural gas - exports:
0 cu m (2007 est.)

Natural gas - imports:
0 cu m (2007 est.)

Natural gas - proved reserves:
849.5 million cu m (1 January 2008 est.)

Current account balance:
-$1.639 billion (2008 est.)

Exports:
$1.416 billion f.o.b. (2008 est.)

Exports - commodities:
textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco

Exports - partners:
Italy 72%, Greece 8.8%, China 2.7% (2007)

Imports:
$4.844 billion f.o.b. (2008 est.)

Imports - commodities:
machinery and equipment, foodstuffs, textiles, chemicals

Imports - partners:
Italy 27.6%, Greece 14.8%, Turkey 7.4%, China 6.8%, Germany 5.6%, Switzerland 5%, Russia 4.2% (2007)

Reserves of foreign exchange and gold:
$2.479 billion (31 December 2008 est.)

Debt - external:
$1.55 billion (2004)

Exchange rates:
leke (ALL) per US dollar - 79.546 (2008 est.), 92.668 (2007), 98.384 (2006), 102.649 (2005), 102.78 (2004)


NOTE: The information regarding Albania on this page is re-published from the 2009 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Albania Economy 2009 information contained here. All suggestions for corrections of any errors about Albania Economy 2009 should be addressed to the CIA.



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