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| Economy - overview: An extremely poor country by European standards, Albania is making the difficult transition to a more | |||
| open-market economy. The economy rebounded in 1993-95 after a severe depression accompanying the collapse of the previous | |||
| centrally planned system in 1990 and 1991. However, a weakening of government resolve to maintain stabilization policies in the | |||
| election year of 1996 contributed to renewal of inflationary pressures, spurred by the budget deficit which exceeded 12%. The collapse | |||
| of financial pyramid schemes in early 1997 - which had attracted deposits from a substantial portion of Albania's population - | |||
| triggered severe social unrest which led to more than 1,500 deaths, widespread destruction of property, and an 8% drop in GDP. The | |||
| new government, installed in July 1997, has taken strong measures to restore public order and to revive economic activity and trade. | |||
| The economy continues to be bolstered by remittances of some 20% of the labor force that works abroad, mostly in Greece and Italy. | |||
| These remittances supplement GDP and help offset the large foreign trade deficit. Most agricultural land was privatized in 1992, | |||
| substantially improving peasant incomes. In 1998, Albania recovered the 8% drop in GDP of 1997 and pushed ahead by 7% in 1999. | |||
| International aid has helped defray the high costs of receiving and returning refugees from the Kosovo conflict. | |||
| GDP: purchasing power parity - $5.6 billion (1999 est.) | |||
| GDP - real growth rate: 8% (1999 est.) | |||
| GDP - per capita: purchasing power parity - $1,650 (1999 est.) | |||
| GDP - composition by sector: agriculture: 54% industry: 25% services: 21% (1998) | |||
| Population below poverty line: 19.6% (1996 est.) | |||
| Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA% | |||
| Inflation rate (consumer prices): 0.5% (1999 est.) | |||
| Labor force: 1.692 million (including 352,000 emigrant workers and 261,000 domestically unemployed) (1994 est.) | |||
| Labor force - by occupation: agriculture 49.5%, industry and services 50.5% | |||
| Unemployment rate: 14% (October 1997) officially, but may be as high as 28% | |||
| Budget: revenues: $393 million expenditures: $676 million, including capital expenditures of $NA (1997 est.) | |||
| Industries: food processing, textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower | |||
| Industrial production growth rate: 7% (1999 est.) | |||
| Electricity - production: 5.15 billion kWh (1998) | |||
| Electricity - production by source: fossil fuel: 2.91% hydro: 97.09% nuclear: 0% other: 0% (1998) | |||
| Electricity - consumption: 5.29 billion kWh (1998) | |||
| Electricity - exports: 0 kWh (1998) | |||
| Electricity - imports: 500 million kWh (1998) | |||
| Agriculture - products: wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products | |||
| Exports: $242 million (f.o.b., 1999 est.) | |||
| Exports - commodities: textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco | |||
| Exports - partners: Italy 63%, Greece 12%, Germany 6%, Netherlands, Belgium, US (1998) | |||
| Imports: $925 million (f.o.b., 1999 est.) | |||
| Imports - commodities: machinery and equipment, foodstuffs, textiles, chemicals | |||
| Imports - partners: Italy 43%, Greece 29%, Turkey 4%, Germany 4%, Bulgaria, The Former Yugoslav Republic of Macedonia (1998) | |||
| Debt - external: $820 million (1998) | |||
| Economic aid - recipient: EU pledged $100 million to share with The Former Yugoslav Republic of Macedonia (1999) | |||
| Currency: 1 lek (L) = 100 qintars | |||
| Exchange rates: leke (L) per US$1 - 135.31 (December 1999), 137.69 (1999), 150.63 (1998), 148.93 (1997), 104.50 (1996), 92.70 | |||
| (1995) | |||
| Fiscal year: calendar year | |||
Revision as of 15:15, 26 April 2001
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