Albania/Economy

Economy of Albania

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$23.5B(2023)
GDP PPP (USD)
$58.4B(2023)
GDP per Capita (USD)
$8,575(2023)
GDP Growth (inflation-adjusted)
3.9%(2023)
Inflation (CPI Annual %)
2.2%(2024)

Trade & Finance

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Exports (as share of GDP)
38.7%(2023)
Imports (as share of GDP)
43.8%(2023)
FDI Inflows (as share of GDP)
6.9%(2023)
Remittance Inflow (USD)
$2.0B(2023)
Tax Revenue (as share of GDP)
17.8%(2023)

Labor & Income

Coming Soon
Unemployment Rate
10.3%(2024)
Employment in Services
43.9%(2023)
Poverty Rate
22%(2020)
GINI Index
29.4(2020)
GNI per Capita (USD)
$7,680(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
781 kg oil eq.(2022)
Renewable Energy Consumption (%)
41.9%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Albania

  • 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 in Purchasing Power Parity (PPP) terms is estimated at $58.39B, reflecting the population's domestic purchasing power. The economy demonstrates solid growth, expanding at a rate of 3.9%
    2023
    , accompanied by stable price levels, with inflation (CPI) at 2.2%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The nation runs a trade deficit, with exports at 38.7% of GDP and imports at 43.8%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 6.88% of the economy
    2023
    . This performance positions the country 25th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $2.04B annually
    2023
    , highlighting the economic importance of its diaspora. Fiscal capacity is moderate, with tax revenue at 17.8% of GDP
    2023
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $7,680
    2023
    . Globally, this ranks the nation 89th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The country faces significant labor market challenges, with an unemployment rate of 10.3%
    2024
    . The services sector is a primary driver of the labor market, accounting for 43.9% of total employment
    2023
    . Poverty remains a key issue, with 22.0% of the population living below the national poverty line
    2020
    . The country has a relatively equitable distribution of income, with a Gini index of 29.4
    2020
    .
  • On the environment and energy front, energy consumption per capita is 780.739 kg of oil equivalent
    2022
    . The country is a leader in clean energy, with renewable sources making up 41.9% of total final energy consumption
    2021
    . Its commitment to clean energy places it 133rd among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Maintaining a balance between growth, inflation, and employment is the central challenge for economic policymakers.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

A strong commitment to renewable energy positions the country as a leader in the green transition, potentially creating new economic advantages.

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.