Diplomatic representation in US: chief of mission: Ambassador Lublin Hasan DILJA chancery: Suite 1010, 1511 K Street NW, Washington, DC 20005 telephone: [1] (202) 223-4942, 8187 FAX: [1] (202) 628-7342
US diplomatic representation: chief of mission: Ambassador Joseph E. LAKE embassy: Rruga E. Elbansanit 103, Tirane mailing address: PSC 59, Box 100 (A), APO AE 09624 telephone: [355] (42) 328-75, 335-20 FAX: [355] (42) 322-22
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@Albania: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 1993-94 after a severe depression accompanying the collapse of the previous centrally planned system in 1990 and 1991. Stabilization policies - including a strict monetary policy, public sector layoffs, and reduced social services - have improved the government's fiscal situation and reduced inflation. The recovery was spurred by the remittances of some 20% of the population which works abroad, mostly in Greece and Italy. These remittances supplement GDP and help offset the large foreign trade deficit. Foreign assistance and humanitarian aid also supported the recovery. Most agricultural land was privatized in 1992, substantially improving peasant incomes. Albania's limited industrial sector, now less than one-sixth of GDP, continued to decline in 1994. A sharp fall in chromium prices reduced hard currency receipts from the mining sector. Large segments of the population, especially those living in urban areas, continue to depend on humanitarian aid to meet basic food requirements. Unemployment remains a severe problem accounting for approximately one-fifth of the work force. Growth is expected to continue in 1995, but could falter if Albania becomes involved in the conflict in the former Yugoslavia, workers' remittances from Greece are reduced, or foreign assistance declines.
National product: GDP - purchasing power parity - $3.8 billion (1994 est.)
National product real growth rate: 11% (1994 est.)
National product per capita: $1,110 (1994 est.)
Inflation rate (consumer prices): 16% (1994)
Unemployment rate: 18% (1994 est.)