Albania’s economy is growing with a stable increase in GDP per capita since 1990.
GDP growth rate has remained consistently around 2% since 2010. In 2019, the growth rate for GDP per capita was 2.1%.
Albania’s aggregate GDP for 2019 was about $15.28 billion. Comparing to its Balkan neighbors, Albania economy is growing faster than North Macedonia ($12.55 B) and Montenegro ($5.54 B)
Source: World Bank, https://data.worldbank.org/indicator
Foreign direct investment net inflows have drastically increased in Albania since the early 2000s.
Source: World Bank, https://data.worldbank.org/indicator/
Compared to its Balkan neighbors North Macedonia and Montenegro, Albania has gained more outside attention with considerably higher FDI investments.
FDI net inflow represents the value of inward direct investment made by non-resident investors; Albania’s FDI net inflow was $1.2 billion in 2019. Montenegro averaged $418 million; North Macedonia averaged $550 million.
Many nations invest in the Albanian economy. Among all the FDI, Albania’s top investors stem from Switzerland, the Netherlands, Canada, Austria, Turkey. Investments are concentrated within the energy sector, extractive industries, and banking.
Source: https://www.state.gov/reports/2020-investment-climate-statements/albania
Imports and Exports
Export growth: 5.8% over the last five years
Top import origins: Italy (30%), Greece (11%), China (9%)
Top exporter destination countries: Italy (47%), Spain (8%), and Serbia (6%)
Source: https://atlas.cid.harvard.edu/countries/4/export-basket
Minimum wage has increased in proportion to inflation rates
From 2010 - 2020, minimum wage increased from around €1,860 to €2,500 yearly (€155 to €210 monthly). Inflation rate is consistently around 2% since 2010.
Source: INSTAT, http://databaza.instat.gov.al/
Population over time
Albania’s total population has remained stable at just under 3 million for the last decade. Workforce age population has grown slightly on the other end.
Source: INSTAT, http://databaza.instat.gov.al/
International Organization Membership
World Trade Organization (2000)
NATO (2009)
World Bank (1991)
UN (1955), Albania elected June 2021 for two-year membership of 15 member security council
International Monetary Fund (1991)
Negotiations for accession to the European Union since 2009.
Other facts & figures
- Inflation is low at 1.6% in 2020. 2% consistent rate over last decade.
- From the World Bank, Albania is categorized at an 82 for ease of doing business.
- Consistent B1 category Moody credit rating score since 2007.
- 12% unemployment rate for the general population (2019). 28% youth unemployment rate (2019).