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Albania, a formerly closed, centrally-planned state, is making the difficult transition to a more modern open-market economy. Macroeconomic growth averaged around 6% between 2004-08, but declined to about 4% in 2009. Inflation is low and stable. The government has taken measures to curb violent crime, and recently adopted a fiscal reform package aimed at reducing the large gray economy and attracting foreign investment. The economy is bolstered by annual remittances from abroad representing about 15% of GDP, mostly from Albanians residing in Greece and Italy; this helps offset the towering trade deficit. The agricultural sector, which accounts for over half of employment but only about one-fifth of GDP, is limited primarily to small family operations and subsistence farming because of lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land. Energy shortages because of a reliance on hydropower, and antiquated and inadequate infrastructure contribute to Albania's poor business environment and lack of success in attracting new foreign investment needed to expand the country's export base. The completion of a new thermal power plant near Vlore has helped diversify generation capacity, and plans to upgrade transmission lines between Albania and Montenegro and Kosovo would help relieve the energy shortages. Also, with help from EU funds, the government is taking steps to improve the poor national road and rail network, a long-standing barrier to sustained economic growth.
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$23.12 billion (2009 est.)
country comparison to the world: 116
$22.18 billion (2008 est.)
$20.58 billion (2007 est.)
note:
data are in 2009 US dollars
Albania has an informal, and unreported, sector that may be as large as 50% of official GDP
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$12.19 billion (2009 est.)
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4.2% (2009 est.)
country comparison to the world: 42
7.8% (2008 est.)
6% (2007 est.)
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$6,400 (2009 est.)
country comparison to the world: 131
$6,100 (2008 est.)
$5,700 (2007 est.)
note:
data are in 2009 US dollars
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agriculture: 21.5%
industry:
19.5%
services:
59% (2009 est.)
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1.103 million (2009 est.)
country comparison to the world: 140
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agriculture: 58%
industry:
15%
services:
27% (September 2006 est.)
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12.8% (2009 est.)
country comparison to the world: 134
12.8% (2008 est.)
note:
these are official rates, but actual rates may exceed 30% due to preponderance of near-subsistence farming
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25% (2004 est.)
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lowest 10%: 3.2%
highest 10%:
25.9% (2005)
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26.7 (2005)
country comparison to the world: 126
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29% of GDP (2009 est.)
country comparison to the world: 29
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revenues: $3.368 billion
expenditures:
$4.227 billion (2009 est.)
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58.1% of GDP (2009 est.)
country comparison to the world: 33
53.6% of GDP (2008 est.)
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2.2% (2009 est.)
country comparison to the world: 77
3.4% (2008 est.)
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6.25% (31 December 2008)
country comparison to the world: 70
6.25% (31 December 2007)
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13.02% (31 December 2008)
country comparison to the world: 56
14.1% (31 December 2007)
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$3.028 billion (31 December 2008)
country comparison to the world: 83
$2.707 billion (31 December 2007)
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$6.251 billion (31 December 2008)
country comparison to the world: 75
$6.433 billion (31 December 2007)
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$8.176 billion (31 December 2008)
country comparison to the world: 80
$7.247 billion (31 December 2007)
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$NA
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wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products
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food processing, textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower
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-1.2% (2009 est.)
country comparison to the world: 78
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2.888 billion kWh (2007 est.)
country comparison to the world: 124
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3.603 billion kWh (2007 est.)
country comparison to the world: 118
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0 kWh (2008 est.)
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2.475 billion kWh (2008 est.)
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5,400 bbl/day (2009 est.)
country comparison to the world: 92
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36,000 bbl/day (2009 est.)
country comparison to the world: 109
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749 bbl/day (2005 est.)
country comparison to the world: 124
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24,080 bbl/day (2007 est.)
country comparison to the world: 107
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199.1 million bbl (1 January 2009 est.)
country comparison to the world: 57
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30 million cu m (2008 est.)
country comparison to the world: 86
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30 million cu m (2008 est.)
country comparison to the world: 109
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0 cu m (2008 est.)
country comparison to the world: 207
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0 cu m (2008 est.)
country comparison to the world: 71
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849.5 million cu m (1 January 2009 est.)
country comparison to the world: 100
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-$1.845 billion (2009 est.)
country comparison to the world: 148
-$2.048 billion (2008 est.)
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$1.048 billion (2009 est.)
country comparison to the world: 148
$1.356 billion (2008 est.)
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textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco
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Italy 58.75%, Greece 9.69%, Austria 6.73%, China 5.68% (2009)
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$4.264 billion (2009 est.)
country comparison to the world: 118
$4.908 billion (2008 est.)
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machinery and equipment, foodstuffs, textiles, chemicals
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Italy 29.94%, Greece 14.05%, Turkey 7.1%, Germany 6.9%, China 5.39% (2009)
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$2.37 billion (31 December 2009 est.)
country comparison to the world: 107
$2.364 billion (31 December 2008 est.)
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$1.55 billion (2004)
country comparison to the world: 141
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leke (ALL) per US dollar - 93.928 (2009), 79.546 (2008), 92.668 (2007), 98.384 (2006), 102.649 (2005)
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