From a formerly closed, centrally-planned state, Albania is developing into a modern open-market economy and it has transformed into a country with stable macroeconomic environment, highly liberalized foreign trade policy, stable currency, and great potential in number of strategic sectors

After the financial global crisis, there are today encouraging signs of recovery and rebalancing of growth anchored in macro-fiscal and structural reforms initiated by the government during the past few years. Last year, growth continued its upward recovery path, and most importantly, growth is rebalancing towards private investments. Labor markets are awakening in response to growth, with some rise, though small, in labor force participation and employment. Fiscal policy remains geared toward stabilization, a necessary condition for an efficient use of domestic savings and attracting foreign flows. Furthermore, the goal of the monetary policy is achieving a 3% inflation target. Monetary stimulus has provided favorable financing conditions, even though the exchange rate appreciated from the previous year. The low policy rate has contributed to the reduction of interest rates across the board for financial products offered to the private sector

General Statistics:

Area: 28,748 sq. km
Geographic Position: Southeastern Europe, bordering the Adriatic Sea and Ionian Sea, between Greece to the south and Montenegro and Kosovo to the north
Language: Albanian
Land Use:

  • Agricultural land — 8%
  • Forest — 3%
  • Other — 9%

Population: 3,038,594
Population growth rate: 0.31%

Economic Statistics:

GDP (purchasing power parity): $34.21 billion
GDP real growth rate:  3.4%
GDP –composition by sector of origin:

  • Agriculture 6%
  • Industry 9%
  • Services 5%

Inflation rate: 2.2% (Feb. 2017 est.)
Labor Force: 1.179 million (2016 est.)

*sources: https://www.bankofalbania.org/

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