Economy - overview:
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 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 are forcing small firms out
of business, increasing unemployment, scaring off foreign investors,
and spurring inflation. The government plans to boost energy imports
to relieve the shortages. In addition, the government is moving to
improve the poor national road network, a long-standing barrier to
sustained economic growth.
GDP:
purchasing power parity - $15.69 billion (2002 est.)
GDP - real growth rate:
7.3% (2002 est.)
GDP - per capita:
purchasing power parity - $4,400 (2002 est.)
GDP - composition by sector: agriculture: 49% industry: 27% services: 24% (2002 est.)
Population below poverty line:
30% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
6% (2002 est.)
Labor force:
1.283 million (not including 352,000 emigrant workers and 261,000
domestically unemployed) (2000 est.)
Labor force - by occupation:
agriculture 50%, industry and services 50%