Albania Economy



According to World Bank’s classification Albania, situated in the eastern part of Europe, is a lower to middle income country. After the collapse of communism in Albania there was a mass exodus to Italy and Greece. As a consequence the GDP fell by 50% from its pinnacle.
The Albania Economy is undergoing a transformation by establishing an open market economy. After the Democratic government was sworn in, it introduced a number of reformative measures pertaining to the economic infrastructure of the country. Privatization of the various sectors took place in a large percentage and the GDP again shot up to the same level as it was in 1989.

Albania Economic Performance GDP Inflation Graph 1990-2013

Albania Economy And Industry
The industrial scenario during the pre World War period was not very promising in Albania. But it improved during the post war period by leaps and bounds.

The leading industries in Albania include food processing, textile and clothing, lumber oil, cement, chemicals and metals. The contribution of the industrial sector has increased through time. It also has a brewery, two oil refineries, dairy and pharmaceutical companies.
The housing industry also promises a growth, which will be beneficial for the economy.
Agriculture And Economy of Albania
The agricultural sector in Albania employs almost 72% of the population. The arable land is around 4000,000 hectares. It contributes to Albanian economy in a major way. About 34 % of the GDP is produced by this sector. The agricultural sector of Albania is completely privatized. By 2001 this sector was producing a chunk of Albanian revenues. Albania specializes in Organic Agriculture.

Albania Economic Performance 1990-2013
Year GDP % Change Inflation % Change Year GDP % Change Inflation % Change
1990 -10 -0.18 2002 4.23 5.22
1991 -28 35.72 2003 5.77 2.34
1992 -7.2 226 2004 5.71 2.87
1993 9.6 85.01 2005 5.76 2.36
1994 9.4 22.57 2006 5.43 2.37
1995 8.9 7.79 2007 5.9 2.94
1996 9.1 12.73 2008 7.54 3.36
1997 -10.2 33.17 2009 3.32 2.22
1998 12.7 20.65 2010 3.5 3.6
1999 10.1 0.39 2011 3 3.43
2000 7.3 0.04 2012 0.5 2.01
2001 7.94 3.12 2013 1.7 3

 

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Last Updated on : 30th July 2013