Countries
Albania
Key Economic Indicators
$63.47 billion
$26,702
4.05%
2.22%
10.93%
$27.178 billion (2024 est.)
82 % of GDP
$-647,909,761
Economic Overview
<p>upper-middle-income Balkan economy; EU accession candidate; growth bolstered by tourism, agriculture, mining, construction, and private consumption; fiscal consolidation through revenue collection and tax compliance enhancements to address public debt; challenges include weak governance, corruption, and high emigration rates</p>
All Economic Data
Agricultural products
milk, maize, tomatoes, watermelons, potatoes, wheat, grapes, onions, cucumbers/gherkins, olives (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$6.966 billion (2023 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$6.636 billion (2023 est.)
Currency
code:
ALL
name:
Albanian lek (ALL) [L]
Current account balance
$-647,909,761
Current account balance 2022:
-$1.117 billion (2022 est.)
Current account balance 2023:
-$281.7 million (2023 est.)
Current account balance 2024:
-$646.107 million (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$10.71 billion
Debt - external 2023:
$5.363 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
leke (ALL) per US dollar -
Exchange rates 2020:
108.65 (2020 est.)
Exchange rates 2021:
103.52 (2021 est.)
Exchange rates 2022:
113.042 (2022 est.)
Exchange rates 2023:
100.645 (2023 est.)
Exchange rates 2024:
93.123 (2024 est.)
Exports
$9.81 billion
Exports 2022:
$7.057 billion (2022 est.)
Exports 2023:
$9.099 billion (2023 est.)
Exports 2024:
$9.848 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
garments, footwear, electricity, crude petroleum, iron alloys (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Italy 41%, Greece 10%, Germany 5%, Spain 5%, Serbia 4% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$1.71 billion
GDP - composition, by end use
Exports of goods and services:
38.7% (2023 est.)
Government consumption:
12% (2023 est.)
Household consumption:
70.2% (2023 est.)
Imports of goods and services:
-43.8% (2023 est.)
Investment in fixed capital:
24% (2023 est.)
Investment in inventories:
-1.1% (2023 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
15.5% (2024 est.)
Industry:
22.4% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
48.9% (2024 est.)
GDP (official exchange rate)
$27.178 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$11,378
Gini Index coefficient - distribution of family income
33.2 (2017)
Gini Index coefficient - distribution of family income 2020:
29.4 (2020 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$26.84 billion
GNI per capita
$9,910
Gross domestic investment
25 % of GDP
Household income or consumption by percentage share
Highest 10%:
22.8% (2020 est.)
Lowest 10%:
3.4% (2020 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$11.68 billion
Imports 2022:
$9.016 billion (2022 est.)
Imports 2023:
$10.374 billion (2023 est.)
Imports 2024:
$11.697 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
cars, refined petroleum, garments, packaged medicine, iron bars (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
Italy 22%, China 11%, Turkey 9%, Germany 7%, Greece 6% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
-0.2% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
food; footwear, apparel and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower
Inflation rate (consumer prices)
2.22%
Inflation rate (consumer prices) 2022:
6.7% (2022 est.)
Inflation rate (consumer prices) 2023:
4.8% (2023 est.)
Inflation rate (consumer prices) 2024:
2.2% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
1.37 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
1.26 million persons
Labor force - by occupation
agriculture:
30.77%
industry:
21.98%
services:
47.24%
Population below poverty line
22% (2020 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
82 % of GDP
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2021:
81.9% of GDP (2021 est.)
Real GDP (purchasing power parity)
$63.47 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$47.532 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$49.403 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$51.36 billion (2024 est.)
Real GDP growth rate
4.05%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
4.8% (2022 est.)
Real GDP growth rate 2023:
3.9% (2023 est.)
Real GDP growth rate 2024:
4% (2024 est.)
Real GDP per capita
$26,702
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$17,100 (2022 est.)
Real GDP per capita 2023:
$18,000 (2023 est.)
Real GDP per capita 2024:
$18,900 (2024 est.)
Remittances
$2.27 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
9.2% of GDP (2022 est.)
Remittances 2023:
8.6% of GDP (2023 est.)
Remittances 2024:
8.4% of GDP (2024 est.)
Reserves of foreign exchange and gold
$6.52 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$5.266 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$6.455 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$6.516 billion (2024 est.)
Revenue (excl grants)
25 % of GDP
Tax revenue
18 % of GDP
Taxes and other revenues
17.8% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
10.93%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
10.2% (2022 est.)
Unemployment rate 2023:
10.2% (2023 est.)
Unemployment rate 2024:
10.3% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
26.9% (2024 est.)
Male:
23.9% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
25.1% (2024 est.)
World Bank Indicators
Currency
Albanian lek (ALL) L (2025)
Exports (US$)
$9.81B (2024)
External Debt
$10.71B (2024)
FDI Net Inflows (US$)
$1.71B (2024)
GDP Growth (%)
4.05 (2024)
Gdp Nominal
$27.05B (2024)
GDP Per Capita
11,378 (2024)
Gini Index
33.20 (2017)
Govt Debt Pct Gdp
81.92 (2021)
Imports (US$)
$11.68B (2024)
Inflation Rate (%)
2.22 (2024)
Languages
Albanian (2025)
Reserves
$6.52B (2024)
Unemployment Rate (%)
10.69 (2024)
Youth Unemployment
25.58 (2024)
Economic Rankings
Unemployment Rate
#38
External Debt
#70
GDP per Capita
#75
Reserves
#90
GDP Growth Rate
#103
GDP (Nominal)
#110
Imports
#115
Exports
#116
GDP (PPP)
#119
Inflation Rate
#130
Gini Index
#131
Quick Facts
Industries
food; footwear, apparel and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower
Agricultural products
milk, maize, tomatoes, watermelons, potatoes, wheat, grapes, onions, cucumbers/gherkins, olives (2023)
Labor force
1.37 million (2024 est.)
Exports - partners
Italy 41%, Greece 10%, Germany 5%, Spain 5%, Serbia 4% (2023)
Imports - partners
Italy 22%, China 11%, Turkey 9%, Germany 7%, Greece 6% (2023)
Exchange rates
leke (ALL) per US dollar -
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