Main article: Albania
Economy of Albania
2019: Growth of economy of Albania slowed down
In 2019 growth of economy of Albania slowed down that is connected with a number of different factors: poorly diversified economy, aging and immigration of the population, the informal economy undermining revenues of the government, the high level of poverty (GDP per capita is 30% of an average value across Europe), low-skilled labor power. It is said in the research conducted by analysts of Coface and devoted to the main trends in world economy.
Nevertheless, analysts predict Albania economic growth in 2020 (GDP gain for 3.4% against 3% in the 2019th) due to decline in unemployment, including among youth. Thereby the wages rise will be provided, at the same time expected inflation will be 2.0%, and balance of the budget of-1.8% of GDP. Though in Albania growth of all industries is expected, especially a service sector (on which 40% of employment and 54% of GDP along with tourism and construction), agriculture (1/5 GDP are the share of 42% of jobs) and hydropower (98% of the electric power) are dependent on rainfall and are badly predictable that increases uncertainty of growth.
Though the rate of the foreign investments slowed down, they remain one of the main sources of financing in such industries as power, mineral extraction and construction connected with tourism. The contribution of foreign trade to growth of economy of Albania in 2019 remained insignificant. It is connected with narrow production base (textiles, footwear, oil, ore, electricity, construction materials) which forces the country to import the capital and consumer goods. Export can suffer because of deceleration of rates of trade in Europe while more moderate import of industrial means will be followed by the expressed wave of import of consumer goods.