Economy Of Albania
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Economy overview
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Poor and backward by European standards, Albania is making the difficult transition to a more modern open-market economy. The government has taken measures to curb violent crime and to spur economic activity and trade. The economy is bolstered by remittances from abroad of $400-$600 million annually, mostly from Greece and Italy; this helps offset the sizable trade deficit. Agriculture, which accounts for one-half of GDP, is held back because of frequent drought and the need to modernize equipment and consolidate small plots of land. Severe energy shortages and antiquated and inadequate infrastructure make it difficult to attract and sustain foreign investment. The government plans to boost energy imports to relieve the shortages and is moving slowly to improve the poor national road and rail network, a long-standing barrier to sustained economic growth.
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GDP
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purchasing power parity - $16.13 billion (2004 est.)
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GDP - real growth rate
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7% (2004 est.)
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GDP - per capita
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purchasing power parity - $4,500 (2004 est.)
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GDP - composition by sector
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agriculture: 47.5%
industry: 24.6%
services: 27.8% (2004 est.)
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Investment gross fixed
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18.7% of GDP (2004 est.)
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Population below poverty line
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30% (2001 est.)
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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2.4% (2004 est.)
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Labor force
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1.35 million (not including 352,000 emigrant workers) (2003 est.)
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Labor force by occupation
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agriculture 57%, non-agricultural private sector 20%, public sector 23% (2003 est.)
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Unemployment rate
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15.8% officially; may be as high as 30% (2003 est.)
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Budget
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revenues: $1.36 billion
expenditures: $1.627 billion, including capital expenditures of $406 million (2004 est.)
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Public debt
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Agriculture products
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wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products
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Industries
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food processing, textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower
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Industrial production growth rate
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2.7% (2003 est.)
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Electricity production
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5.289 billion kWh (2001)
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Electricity production by source
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fossil fuel: 2.9%
hydro: 97.1%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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5.898 billion kWh (2001)
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Electricity exports
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221 million kWh (2001)
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Electricity imports
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1.2 billion kWh (2001)
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Oil production
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5,952 bbl/day (2001 est.)
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Oil consumption
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22,400 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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185.5 million bbl (1 January 2002)
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Natural gas production
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30 million cu m (2001 est.)
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Natural gas consumption
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30 million cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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3.316 billion cu m (1 January 2002)
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Current account balance
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$-407 million (2004 est.)
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Exports
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$425 million f.o.b. (2004 est.)
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Exports commodities
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textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco
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Exports partners
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Italy 74.9%, Greece 12.8%, Germany 3.4% (2003)
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Imports
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$1.76 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and equipment, foodstuffs, textiles, chemicals
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Imports partners
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Italy 33.6%, Greece 20.2%, Turkey 6.6%, Germany 5.7% (2003)
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Reserves of foreign exchange gold
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$1.038 billion (2004 est.)
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Debt external
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$1.41 billion (2003)
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Economic aid recipient
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ODA: $315 million (top donors were Italy, EU, Germany) (2000 est.)
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Currency
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lek (ALL)
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Currency code
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ALL
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Exchange rates
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leke per US dollar - 121.863 (2003), 140.155 (2002), 143.485 (2001), 143.709 (2000), 137.691 (1999)
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Fiscal year
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calendar year
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Applied Language Solutions offer English to Albanian Translation , English to Greek Translation .
This information was reproduced in part from the CIA World Fact book.
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