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Newton, MA
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ALBANIA ECONOMY:
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Economy - overview:
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Poor
and backward by European standards, Albania is making the difficult
transition to a more modern open-market economy. The government has taken
measures to curb violent crime and to spur economic activity and trade.
The economy is bolstered by remittances from abroad of $400-$600 million
annually, mostly from Greece and Italy; this helps offset the sizable
trade deficit. Agriculture, which accounts for one-half of GDP, is held
back because of frequent drought and the need to modernize equipment and
consolidate small plots of land. Severe energy shortages and antiquated
and inadequate infrastructure make it difficult to attract and sustain
foreign investment. The government plans to boost energy imports to
relieve the shortages and is moving slowly to improve the poor national
road and rail network, a long-standing barrier to sustained economic
growth. |
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GDP:
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purchasing power parity - $16.13 billion (2003 est.) |
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GDP - real growth rate:
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7%
(2003 est.) |
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GDP - per capita:
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purchasing power parity - $4,500 (2003 est.) |
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GDP - composition by sector:
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agriculture:
49%
industry: 27%
services: 24% (2002 est.) |
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Population below poverty line:
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30%
(2001 est.) |
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Household income or consumption by percentage
share:
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lowest
10%: NA%
highest 10%: NA% |
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Inflation rate (consumer prices):
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3.3% (2003) |
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Labor force:
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1.35 million (not including 352,000 emigrant workers) (2003 est.) |
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Labor force - by occupation:
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agriculture
57%, non-agricultural private sector 20%, public sector 23% (2003 est.) |
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Unemployment rate:
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15.8% officially; may be as high as 30% (2003 est.) |
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Budget:
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revenues:
$1.65 billion
expenditures: $2 billion, including capital expenditures of $406
million (2004 est.) |
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Industries:
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food
processing, textiles and clothing; lumber, oil, cement, chemicals, mining,
basic metals, hydropower |
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Industrial production growth rate:
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2.7% (2003 est.) |
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Electricity - production:
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5.289 billion kWh (2001) |
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Electricity - production by source:
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fossil
fuel: 2.9%
hydro: 97.1%
other: 0% (2001)
nuclear: 0% |
|
Electricity - consumption:
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5.898 billion kWh (2001) |
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Electricity - exports:
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221
million kWh (2001) |
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Electricity - imports:
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1.2
billion kWh (2001) |
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Oil - production:
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5,952 bbl/day (2001 est.) |
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Oil - consumption:
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22,400 bbl/day (2001 est.) |
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Oil - exports:
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NA |
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Oil - imports:
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NA |
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Oil - proved reserves:
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185.5 million bbl (1 January 2002) |
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Natural gas - production:
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30
million cu m (2001 est.) |
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Natural gas - consumption:
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30
million cu m (2001 est.) |
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Natural gas - exports:
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0
cu m (2001 est.) |
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Natural gas - imports:
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0
cu m (2001 est.) |
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Natural gas - proved reserves:
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3.316 billion cu m (1 January 2002) |
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Agriculture - products:
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wheat,
corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy
products |
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Exports:
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$425 million f.o.b. (2003 est.) |
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Exports - commodities:
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textiles
and footwear; asphalt, metals and metallic ores, crude oil; vegetables,
fruits, tobacco |
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Exports - partners:
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Italy
71.5%, Greece 12.7%, Germany 5.5% (2002) |
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Imports:
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$1.76 billion f.o.b. (2003 est.) |
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Imports - commodities:
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machinery and equipment, foodstuffs, textiles, chemicals |
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Imports - partners:
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Italy
34.6%, Greece 21.7%, Turkey 6.1%, Germany 5.6% (2002) |
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Debt - external:
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$1.41 billion (2003) |
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Economic aid - recipient:
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ODA:
$315 million (top donors were Italy, EU, Germany) (2000 est.) |
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Currency:
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lek
(ALL) |
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Currency code:
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ALL |
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Exchange rates:
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leke
per US dollar - 121.86 (2003), 140.16 (2002), 143.49 (2001), 143.71
(2000), 137.69 (1999) |
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Fiscal year:
|
calendar
year
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