Albania Economy Profile 2002

Economy - overview

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 revive economic activity and trade. The economy is bolstered by remittances from abroad of $400-$600 million annually, mostly from Greece and Italy. Agriculture, which accounts for 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 are forcing small firms out of business, increasing unemployment, scaring off foreign investors, and spurring inflation. The government plans to boost energy imports to relieve the shortages.

GDP (purchasing power parity)

purchasing power parity - $14 billion (2002 est.)

GDP - real growth rate

5% (2002 est.)

GDP - per capita (PPP)

purchasing power parity - $4,500 (2002 est.)

GDP - composition by sector

agriculture: 49%
industry: 27%
services: 24% (2002 est.)

Population below poverty line

30% (2001 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices)

6% (2002 est.)

Labor force

1.283 million (not including 352,000 emigrant workers and 261,000 domestically unemployed) (2000 est.)

Labor force - by occupation

agriculture 50%, industry and services 50%

Unemployment rate

17% officially (2001 est.); may be as high as 30% (2001)

Budget

revenues: $697 million
expenditures: $1.5 billion, including capital expenditures of $368 million (2002 est.)

Industries

food processing, textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower

Industrial production growth rate

9% (2000 est.)

Electricity - production

4.738 billion kWh (2000)

Electricity - production by source

fossil fuel: 3%
hydro: 97%
nuclear: 0%
other: 0% (2000)

Electricity - consumption

5.378 billion kWh (2000)

Electricity - exports

100 million kWh (2000)

Electricity - imports

1.072 billion kWh (2000)

Agriculture - products

wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products

Exports

$340 million f.o.b. (2002 est.)

Exports - commodities

textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco

Exports - partners

Italy 71%, Greece 12%, Germany 7%, Yugoslavia 3% (2001)

Imports

$1.5 billion f.o.b. (2002 est.)

Imports - commodities

machinery and equipment, foodstuffs, textiles, chemicals

Imports - partners

Italy 32%, Greece 26%, Turkey 6%, Germany 6%, Bulgaria 2% (2001)

Debt - external

$784 million (2000)

Economic aid - recipient

ODA: $315 million (top donors were Italy, EU, Germany) (2000 est.)

Currency

lek (ALL)

Currency (code)

ALL

Exchange rates

leke per US dollar - 140.16 (November 2001), 143.71 (2000) 137.69 (1999), 150.63 (1998), 148.93 (1997); note - leke is the plural of lek

Fiscal year

calendar year