Albania's Macroeconomic Analysis:
Nominal GDP of USD 23.0 billion in 2023.
Nominal GDP of USD 18.9 billion in 2022.
GDP per capita of USD 6,603 compared to the global average of USD 10,589.
GDP per capita of USD 8,039 compared to the global average of USD 10,589.
Average real GDP growth of 2.9% over the last decade.
Average real GDP growth of 2.7% over the last decade.
Sector Analysis
In 2021, services accounted for 60% of overall GDP, manufacturing 6%, other industrial activity 16%, and agriculture 18%. Looking at GDP by expenditure, private consumption accounted for 75% of GDP in 2021, government consumption 12%, fixed investment 24%, and net exports -11%.International trade
In 2020, manufactured products made up 55% of total merchandise exports, mineral fuels 1%, food 14%, ores and metals 4% and agricultural raw materials 1%, with other categories accounting for 25% of the total. In the same period, manufactured products made up 62% of total merchandise imports, mineral fuels 7%, food 16%, ores and metals 1% and agricultural raw materials 1%, with other goods accounting for 13% of the total. Total exports were worth USD 2 billion in 2022, while total imports were USD 7 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 2.7% in the decade to 2022. To read more about GDP growth in Albania, go to our dedicated page.
Fiscal policy
Albania's fiscal deficit averaged 3.6% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 13.7% in the decade to 2022. For more information on Albania's unemployment click here.
Inflation
Inflation averaged 2.2% in the decade to 2022. Go to our Albania inflation page for extra insight.
Monetary Policy
Albania's monetary policy rate ended 2022 at 2.75%, down from 4.00% a decade earlier. See our Albania monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the lek weakened by 1.8% vs the U.S. dollar. For more info on the lek, click here.
Economic situation in Albania
After accelerating in Q2, annual GDP growth likely lost some momentum in Q3 according to available data. Merchandise exports swung into contraction in the third quarter, weighed on by the uninspiring economic performance of Italy—Albania’s main trading partner. Additionally, tourist arrivals growth decelerated in Q3 from Q2 levels. That said, the lowest inflation since Q2 2021 in Q3 likely bolstered private consumption. Moreover, economic sentiment strengthened in Q3 due to improved readings in the industrial and construction sectors, as well as among consumers. Turning to Q4, early data is limited but paints a mixed picture. On the one hand, goods exports contracted at a sharper pace in October compared to Q3. On the other hand, inflation dropped below Q3 levels in October, boding well for private consumption.Albania Economic Forecasts
Projections out to 2034.49 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 12 expert analysts.
Want to get insight on the economic outlook for Albania in the coming years? FocusEconomics collects projections out to 2034 on 49 economic indicators for Albania from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Albania economy. To download a sample report on the Albania's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.