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Economy of Albania

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Main article: Albania

Economy of Albania

Key indicators

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.

Growth of economy of Albania slowed down

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.[1]

2018

GDP per capita in Albania at the end of 2018 was made by $5239. For comparison this indicator is equal in Russia to $11,289.

2017

Financial system

Key interest rate

Interest rates of the central banks in Europe, July, 2020

Import and export

Import export of Albania, given for the beginning of 2020. Given Coface
Import export of Albania, given for the beginning of 2019. Given Coface

National debt

National debt relation to GDP of the country, 2017.

Salaries

Average monthly salary in the countries of Europe and Kazakhstan. Data for 2017

Tourism

2019: As far as Albania is dependent on tourism: % the industry in GDP

What countries are most dependent on tourism, industry % in GDP, 2019

2018

Data for 2018.

Alcohol market

The minimum age for acquisition of alcoholic beverages

Data for 2018