Includes Albania real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Albania economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Albania best banks and safest banks are also available.
Basic Information
Government Type: Parliamentary republic
Capital City: Tirana (Tirane)
GDP & Economic Information
Macroeconomy & Sovereign Data
Central Bank |
Bank of Albania Bank for International Settlements |
---|---|
Currency |
Leke (ALL) CIA World Factbook / Currency |
International Reserves |
USD 4.82 billion (2020) World Bank, last updated 12/16/2021 |
Gross Domestic Product – GDP |
USD 16.77 billion (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP (Purchasing Power Parity) |
USD 44.49 billion (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP Data
Real GDP growth |
2017 3.8% 2018 4.1% 2019 2.2% 2020* -3.3% 2021* 5.3% *Estimate |
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GDP per capita – current prices |
USD 5,837.18 (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP per capita – PPP |
USD 15,487.00 (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP (PPP) – share of world total |
0.03% (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP – composition by sector |
agriculture: 19.3% industry: 19.7% services: 48.4% (2020 estimate) |
Gross domestic expenditure on R&D; (% of GDP) | N/A |
Inflation |
2017 2% 2018 2% 2019 1.4% 2020* 1.6% 2021* 1.9% *Estimate |
Albania
Inflation & Debt
Inflation |
2017 2% 2018 2% 2019 1.4% 2020* 1.6% 2021* 1.9% *Estimate |
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Government Bond Ratings |
Standard & Poors: B+ Moodys: B1 Standard & Poors / Moodys (January 2022) |
Unemployment rate |
2017 13.7% 2018 12.3% 2019 11.5% 2020* 11.7% 2021* 12% *Estimate |
Household saving rates | N/A |
Public debt (General government gross debt as a % of GDP) |
2017 71.9% 2018 69.5% 2019 67.8% 2020* 77.6% 2021* 81.5% *Estimate |
Public deficit (General government net lending/borrowing as a % of GDP) |
2017 0.7% 2019 0.8% 2019 0.1% 2020* -4.7% 2021* -4.5% *Estimate |
Market value of publicly traded shares | N/A |
Largest Companies | N/A |
Import/Export
Exports as percent of GDP (Exports of goods and services) |
5.9% (2017) |
---|---|
Shares in world total merchandising export |
0.004% (2018) |
Shares in world total commercial services export |
0.008% (2018) |
Total exports |
USD 1.6 billion (2018 estimate) |
Export commodities |
Opium, fruits and nuts, handwoven carpets, wool, cotton, hides and pelts, precious and semi-precious gems, and medical herbs |
Total imports |
USD 8.3 billion (2018 estimate) |
Import commodities |
Machinery and other capital goods, food, textiles, petroleum products |
Exports – major partners |
India 56.5%, Pakistan 29.6% (2017) |
Imports – major partners |
China 21%, Iran 20.5%, Pakistan 11.8%, Kazakhstan 11%, Uzbekistan 6.8%, Malaysia 5.3%(2017) |
Competitiveness & Trade
Current account balance | USD -1.5 billion (2021 estimate) |
---|---|
Current account balance by percentage of GDP |
-8.6% (2021 estimate) IMF – World Economic Outlook, October 2021 |
FDI inflows |
2016 USD 1.3 billion 2019 USD 1.3 billion 2020 USD 1.1 billion |
FDI Outflows |
2018 USD 83 million 2019 USD 128 million 2020 USD 89 million |
Value of cross-border M&A, by country of purchaser |
N/A United Nations Conference on Trade and Development (UNCTAD) – World Investment Report |
Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 82 out of 190 countries Subcategories: Starting a Business: 53 out of 190 countries Dealing with Construction Permits: 166 out of 190 countries Getting Electricity: 107 out of 190 countries Registering Property: 98 out of 190 countries Getting Credit: 48 out of 190 countries Protecting Minority Investors: 111 out of 190 countries Paying Taxes: 123 out of 190 countries Trading across Borders: 25 out of 190 countries Enforcing Contracts: 120 out of 190 countries Resolving Insolvency: 39 out of 190 countries World Bank – Doing Business 2020 |
Global competitiveness ranking | 81 out of 141 (2019) |
Index of Economic Freedom |
Ranking: 50 / Score: 66.6 (Moderately Free) The Heritage Foundation – 2022 Index of Economic Freedom |
Population & Geographic Data
Total Area |
28,748 sq km |
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Total Population |
1990 3.3 Million 2000 3.1 Million 2010 2.9 Million 2015 2.9 Million 2020 2.8 Million |
Urban population as % of total population |
1960 30.7% 1980 33.8% 2000 41.7% 2020 62.1% |
Population median age |
34.3 years (2022 est.) CIA World Factbook / Population median age |
Population growth rate | 0.22% (2022 est.) |
Life expectancy |
79.5 years (2022 estimate) CIA World Factbook / Life expectancy |
% of population living on less than $3.10 a day |
1.2% (last available estimate, 2019) World Bank / Poverty headcount at $3.10 |
Inequality of wealth distribution (Gini index) |
30.8 (last available estimate, 2019) (0=perfect equality, 100=absolute inequality) World Bank / Gini Index |
Freedom House rating |
Total score: 67/100 Status: Partly Free Political Rights: 28/40 Civil Liberties: 39/60 (2022) Freedom House |
Total telephone subscribers as % of population |
Fixed: 7.8% Mobile: 91.0% (2020) (fixed-telephone subscribers and mobile-cellular subscribers) |
Internet users as % of total population | 72.2% (2020) |
Language & Religon
Languages |
Albanian 98.8% (official – derived from Tosk dialect), Greek 0.5%, other 0.6% (including Macedonian, Romani, Vlach, Turkish, Italian, and Serbo-Croatian), unspecified 0.1% (2011 est.) CIA World Factbook / Languages |
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Literacy |
Total population: 38.2% Male: 52% Female: 24.2% Definition: age 15 and over can read and write (2015 est.) (age 15 and over can read and write) |
Religions |
Muslim 56.7%, Roman Catholic 10%, Orthodox 6.8%, atheist 2.5%, Bektashi (a Sufi order) 2.1%, other 5.7%, unspecified 16.2% (2011 est.) CIA World Factbook / Religions |
World Rankings
Population | 2.8 M |
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Mercer Cost of living index | N/A |
C02 Emissions per capita |
1.9 metric tons per capita (2018) |
Global Finance Rankings & Awards: Albania
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.