Albania

Albania Economy

Albania's economy in numbers:

Nominal GDP of USD 18.9 billion in 2022.

GDP per capita of USD 6,603 compared to the global average of USD 10,589.

Average real GDP growth of 2.7% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 60% of overall GDP, manufacturing 6%, other industrial activity 16%, and agriculture 18%. Looking at GDP by expenditure, private consumption accounted for 75% of GDP in 2021, government consumption 12%, fixed investment 24%, and net exports -11%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2020, manufactured products made up 55% of total merchandise exports, mineral fuels 1%, food 14%, ores and metals 4% and agricultural raw materials 1%, with other categories accounting for 25% of the total. In the same period, manufactured products made up 62% of total merchandise imports, mineral fuels 7%, food 16%, ores and metals 1% and agricultural raw materials 1%, with other goods accounting for 13% of the total. Total exports were worth USD 2 billion in 2022, while total imports were USD 7 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 2.7% in the decade to 2022. To read more about GDP growth in Albania, go to our dedicated page.

Fiscal policy:

Albania's fiscal deficit averaged 3.6% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 13.7% in the decade to 2022. For more information on Albania's unemployment click here.

Inflation:

Inflation averaged 2.2% in the decade to 2022. Go to our Albania inflation page for extra insight.

Monetary Policy:

Albania's monetary policy rate ended 2022 at 2.75%, down from 4.00% a decade earlier. See our Albania monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the lek weakened by 1.8% vs the U.S. dollar. For more info on the lek, click here.
Recently released national accounts data revealed that annual economic growth edged down to 3.6% in Q1 from 3.8% in Q4 2023. The downtick was driven by a fall in exports and a marked deceleration in public spending. On the flip side, both private spending and fixed investment gained traction. Turning to Q2, available data points to healthy momentum. Economic sentiment strengthened in Q2 from Q1 on rising confidence in the services and retail sectors. In addition, the downturn in merchandise exports softened to a near halt in the quarter. Less positively, annual growth in tourist arrivals slowed in the first two months of Q2. In other news, in mid-July, an IMF team visited Albania. The Fund praised the country’s adherence to fiscal rules, but it emphasized the need for further fiscal consolidation and cautious debt management.
Projections out to 2033.

50 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 11 expert analysts.

Want to get insight on the economic outlook for Albania in the coming years? FocusEconomics collects projections out to 2033 on 50 economic indicators for Albania from a panel of 11 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Albania economy. To download a sample report on the Albania's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Albania Economic Data

2019 2020 2021 2022 2023
Population (million) 2.9 2.9 2.9 2.9 2.9
GDP (USD bn) 15.4 15.2 17.9 18.9 23.0
GDP per capita (USD) 5,343 5,271 6,240 6,603 8,039
GDP (EUR bn) 13.8 13.3 15.2 18.0 21.3
GDP per capita (EUR) 4,773 4,623 5,277 6,276 7,437
GDP (ALL bn) 1,692 1,647 1,856 2,138 2,313
Economic Growth (Nominal GDP, ann. var. %) 3.4 -2.6 12.7 15.2 8.1
Economic Growth (GDP, ann. var. %) 2.1 -3.3 8.9 4.9 3.5
Private Consumption (ann. var. %) 3.3 -3.3 4.7 7.4 2.9
Government Consumption (ann. var. %) 2.9 1.5 7.8 -4.7 10.7
Fixed Investment (ann. var. %) -3.6 -1.4 19.2 6.5 6.1
Exports (G&S, ann. var. %) 2.6 -27.9 52.0 7.5 10.1
Imports (G&S, ann. var. %) 2.3 -19.8 31.5 13.1 1.3
Retail Sales (ann. var. %) 3.1 -1.2 5.6 4.9 5.1
Unemployment (% of active population, aop) 11.6 11.7 11.6 11.0 10.7
Fiscal Balance (% of GDP) -1.9 -6.7 -4.6 -3.7 -1.4
Public Debt (% of GDP) 65.8 74.3 74.5 64.5 58.9
Inflation (CPI, ann. var. %, eop) 1.1 1.1 3.7 7.4 4.0
Inflation (CPI, ann. var. %, aop) 1.4 1.6 2.0 6.7 4.8
1-Week Repo Rate (%, eop) 1.00 0.50 0.50 2.75 3.25
Exchange Rate (ALL per USD, eop) 108.6 100.7 106.6 107.1 93.5
Exchange Rate (ALL per USD, aop) 109.9 108.6 103.5 113.0 100.6
Exchange Rate (ALL per EUR, eop) 122 123 121 114 103
Exchange Rate (ALL per EUR, aop) 123 124 122 119 109
Current Account Balance (EUR bn) -1.1 -1.2 -1.2 -1.1 -0.2
Current Account Balance (% of GDP) -7.9 -8.7 -7.7 -5.9 -0.9
Merchandise Trade Balance (EUR bn) -3.1 -3.0 -3.8 -4.3 -4.5
Merchandise Exports (EUR bn) 0.9 0.8 1.3 1.9 1.8
Merchandise Imports (EUR bn) 4.1 3.8 5.1 6.2 6.4
Merchandise Exports (ann. var. %) -8.1 -12.5 59.4 52.8 -5.0
Merchandise Imports (ann. var. %) 5.0 -6.8 34.9 21.7 2.8
Foreign Direct Investment (EUR bn) 1.1 0.9 1.1 1.3 1.5
International Reserves (EUR bn) 3.4 3.9 5.0 5.0 5.8
International Reserves (months of imports) 10.0 12.5 11.7 9.6 11.0
External Debt (EUR bn) 8.3 8.6 9.1 9.8 10.0
External Debt (% of GDP) 60.6 64.9 59.9 54.6 47.2

Free Sample Report

Interested in Albania economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest