Albania is an Upper-middle-income country with an economy based on the service (54.1%), agriculture (21.7%), and industrial (24.2%) sectors.
The country is rich in natural resources and the economy is mainly bolstered by agriculture, foodprocessing, lumber, oil, cement, chemicals, mining, basic metals, hydro power,tourism, textile industry, and petroleum extraction.
The strongest sectors are energy, mining, metallurgy, agriculture and tourism. Primary industrial exports are clothing, chrome, oil and refined fuels.
Albania is the 126th largest export economy in the world and the 92nd most complex economy according to the Economic Complexity Index (ECI). In 2017, Albania exported $2.39B and imported $4.21B, resulting in a negative trade balance of $1.82B. In 2017 the GDP of Albania was $13B and its GDP per capita was $12.9k.
Albania borders Greece, Kosovo, Macedonia, Montenegro and Serbia by land and Croatia and Italy by sea.
The top exports of Albania are Leather Footwear ($345M), Footwear Parts ($190M), Chromium Ore ($171M), Ferroalloys ($118M) and Crude Petroleum ($115M), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Cars ($231M), Refined Petroleum ($143M), Packaged Medicaments ($142M), Tanned Equine and Bovine Hides ($104M) and Footwear Parts ($96.4M).
The top export destinations of Albania are Italy ($1.15B), China ($177M), Spain ($127M), France ($113M) and Germany ($111M). The top import origins are Italy ($1.28B), Turkey ($416M), Greece ($391M), Germany ($336M) and China ($311M).
Statistics about economy of Albania
- 1] “World Economic Outlook Database, October 2018”. IMF.org. International Monetary Fund. Retrieved 18 February 2019.
- 2] “January 2019 Global Economic Prospects — Darkening Skies p. 74” (PDF). openknowledge.worldbank.org. World Bank. Retrieved 16 March 2019.
- 3] “The World Factbook”. CIA.gov. Central Intelligence Agency. Retrieved 18 February 2019.
Waiting the accession of Albania to the European Union, China confirmed itself as being one of the major investors in Albania having purchased drilling rights to the oil fields of Patos-Marinze and Kucova (from a Canadian company) and Tirana International Airport SHPK.
China Everbright and Friedmann Pacific Asset Management will operate the airport until 2025. As of March 2016, China was the country’s main trading partner, with 7.7 percent of the country’s total international trade; that is far more than the trade with Greece and Turkey.