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Albania

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
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

Inflation & Debt

Inflation 2017 2%
2018 2%
2019 1.4%
2020* 1.6%
2021* 1.9%

*Estimate
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


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
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
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.


Data Sources

CIA Factbook

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