The economic architecture of Albania is substantial, anchored by a Gross Domestic Product (GDP) of approximately $23.55B
2023
. This places it as the 113th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $8.58K
2023
, while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $58.39B, offering a clearer picture of the population's domestic purchasing power. The economy demonstrates solid, consistent growth, expanding at a healthy rate of 3.9%
2023
, accompanied by a stable price environment, with inflation (CPI) contained at 2.2%.
2024
On the global stage, Albania's trade and financial dynamics reveal a complex interplay of international and domestic factors. The nation's economic activity is heavily reliant on foreign goods, running a considerable trade deficit with imports at 43.8% of GDP and exports at 38.7%
2023
. The investment climate attracts significant Foreign Direct Investment (FDI), with inflows constituting 6.88% of the economy
2023
. This performance positions the country 25th globally out of 186 nations, confirming its status as a competitive destination for foreign capital. Furthermore, personal remittances from its diaspora are a vital component of the economy, amounting to a substantial $2.04B annually
2023
. Fiscal capacity is adequate, with tax collections representing 17.8% of GDP, supporting core state functions.
2023
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $7,680
2023
, ranking the nation 89th out of 190. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The country confronts significant labor market challenges, evidenced by a high unemployment rate of 10.3%.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 43.9% of total employment
2023
. Despite its economic standing, poverty remains a salient issue, with 22.0% of the population living below the national poverty line
2020
. The country achieves a relatively equitable distribution of income, reflected in a low Gini index of 29.4.
2020
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. Energy consumption per capita stands at 780.739 kg of oil equivalent
2022
, a metric that often correlates with industrial activity and living standards. A significant commitment to sustainability is evident, with renewable energy accounting for 41.9% of consumption
2021
. This commitment places it 133rd among 190 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 7.67K tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

Balancing growth, inflation, and employment remains the core challenge for economic stewardship.

Trade & Investment Profile

The orientation towards global trade and foreign investment is a defining feature of the economic landscape.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

The transition to a sustainable energy framework is paramount for mitigating climate risk and securing future energy needs.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.