10 Surprising Facts About The GDP of Albania: A Comprehensive Guide
Gross Domestic Product (GDP) is a significant measure of a country’s economic growth and development.
In this comprehensive guide, we will explore 10 surprising facts about the GDP of Albania that you may not have known.
Introduction
- What is GDP and why is it important?
- Brief Overview of Albania’s Economy and GDP
Fact #1: Albania’s GDP has been steadily growing
- Historical GDP growth trends
- Factors Contributing to Albania’s economic growth
Fact #2: Albania’s GDP per capita is lower than the European Union’s average
- Comparison of Albania’s GDP per capita with other European countries
- Reasons for the lower GDP per capita
Fact #3: Albania’s GDP is driven by the service sector
- Overview of Albania’s service sector
- The Role of Tourism in the service sector
Fact #4: Albania’s agricultural sector has significant potential for growth
- Overview of Albania’s agricultural sector
- Challenges facing the agricultural sector
- Potential for growth and development in the sector
Fact #5: Albania’s GDP growth is linked to foreign investment
- Overview of foreign investment in Albania
- Impact of foreign investment on Albania’s Economy
Fact #6: Albania’s energy sector is a significant contributor to the GDP
- Overview of Albania’s energy sector
- Role of the energy sector in Albania’s Economy
Fact #7: Albania’s GDP is affected by remittances from abroad
- Overview of remittances in Albania
- Impact of Remittances on Albania’s Economy
Fact #8: Albania’s informal economy is a significant challenge for GDP measurement
- Overview of Albania’s informal economy
- Challenges in measuring the size and impact of the informal economy on GDP
Fact #9: Albania’s public debt is a significant concern for the economy
- Overview of Albania’s public debt
- Impact of public debt on the Economy
Fact #10: Albania’s GDP is expected to continue growing in the future
- Outlook for Albania’s Economy and GDP
- Opportunities and Challenges for future growth
The Gross Domestic Product (GDP) of Albania
When it comes to the economic performance of a country, the Gross Domestic Product (GDP) is one of the most important indicators.
GDP represents the total value of goods and services produced within a country’s borders in a specific period.
In this article, we will provide an overview of the GDP of Albania, a country located in Southeast Europe, and analyze its performance over the years.
Introduction to Albania
Albania is a small country located in Southeast Europe, bordered by Montenegro, Kosovo, North Macedonia, and Greece.
With a population of approximately 2.8 million people, Albania is considered one of the poorest countries in Europe.
However, the country has undergone significant economic and social changes since the fall of communism in 1991.
Historical GDP of Albania
Albania’s GDP has experienced significant fluctuations throughout its history. During the communist era, the country had a centrally planned economy and was heavily dependent on foreign aid from the Soviet Union and China.
The fall of communism in 1991 resulted in a severe economic crisis, which caused a sharp decline in GDP.
In the years that followed, Albania implemented market-oriented economic reforms, which led to a period of economic growth.
Current State of Albania’s GDP
According to the World Bank, Albania’s GDP was $15.3 billion in 2020. The country’s GDP per capita was $5,461, which is significantly lower than the European Union average.
Albania’s economy is largely dependent on the service sector, which accounts for around 62% of GDP.
The industrial sector contributes around 25% of GDP, while agriculture accounts for around 13%.
GDP Per Capita of Albania
Albania’s Gross Domestic Product (GDP) growth rate and GDP per capita are important indicators of the country’s economic development.
GDP growth rate refers to the percentage change in the value of goods and services produced within a country’s borders over a specific period, usually a year.
On the other hand, GDP per capita is calculated by dividing a country’s GDP by its population, which provides an estimate of the average economic well-being of individuals within a country.
Albania GDP Growth
In recent years, Albania’s GDP growth rate has been relatively stable. According to the World Bank, the country’s GDP grew by 2.2% in 2019, 4.1% in 2018, and 3.8% in 2017.
However, the COVID-19 pandemic had a significant impact on Albania’s economy, leading to a decline in GDP in 2020.
Despite the recent economic challenges, Albania’s GDP per capita has been gradually increasing. According to the World Bank, Albania’s GDP per capita was $5,461 in 2020, up from $4,609 in 2016.
However, this is still significantly lower than the European Union average.
The Albanian government has implemented various strategies to improve the country’s economic performance and increase the GDP growth rate and GDP per capita.
These strategies include attracting foreign investment, implementing structural reforms, improving the business climate, and investing in infrastructure.
For example, Albania has implemented a fiscal consolidation program, which aims to reduce the budget deficit and public debt.
The government has also implemented tax reforms to improve the business climate and attract foreign investment.
Despite these efforts, Albania still faces significant economic challenges, including high unemployment, corruption, and a weak rule of law.
However, sustained economic growth and an increase in GDP per capita can contribute to reducing poverty, improving living standards, and enhancing the overall well-being of the Albanian population.
Economic Challenges
Despite its progress in recent years, Albania still faces significant economic challenges. One of the biggest challenges is unemployment, which remains high, especially among young people.
Corruption and weak rule of law also continue to hinder economic growth and foreign investment.
Additionally, the COVID-19 pandemic has had a significant impact on Albania’s economy, leading to a decline in GDP in 2020.
Strategies to Improve Albania’s GDP
To improve the country’s economic performance, Albania has implemented various strategies.
The government has focused on attracting foreign investment, implementing structural reforms, and improving the business climate.
Albania has also joined the World Trade Organization (WTO) and the Energy Community, which is expected to attract more foreign investment and improve trade relations with other countries.
Additionally, the government has invested in infrastructure, such as roads and railways, to improve connectivity within the country and with neighboring countries.
GDP of Albania
| GDP nominal (2017) | GDP growth rate (2017) |
|---|---|
$13,038,538,300 |
3.84% |
- Nominal (current) Gross Domestic Product (GDP) of Albania is $13,038,538,300 (USD) as of 2017.
- Real GDP (constant, inflation adjusted) of Albania reached $13,986,932,579 in 2017.
- GDP Growth Rate in 2017 was 3.84%, representing a change of 516,658,277 US$ over 2016, when Real GDP was $13,470,274,302.
- GDP per Capita in Albania (with a population of 2,884,169 people) was $4,850 in 2017, an increase of $183 from $4,667 in 2016; this represents a change of 3.9% in GDP per capita.
Gross Domestic Product (GDP) of Albania
| Year | GDP Nominal (Current USD) |
GDP Real (Inflation adj.) |
GDP change |
GDP per capita | Pop. change |
Population |
|---|---|---|---|---|---|---|
| 2017 | $13,038,538,300 | $13,986,932,579 | 3.84% | $4,850 | -0.08 % | 2,884,169 |
| 2016 | $11,883,682,171 | $13,470,274,302 | 3.35% | $4,667 | -0.14 % | 2,886,438 |
| 2015 | $11,386,931,490 | $13,033,647,123 | 2.22% | $4,509 | -0.20 % | 2,890,513 |
| 2014 | $13,228,247,844 | $12,750,584,155 | 1.77% | $4,402 | -0.26 % | 2,896,305 |
| 2013 | $12,776,280,961 | $12,528,823,971 | 1.00% | $4,315 | -0.35 % | 2,903,790 |
| 2012 | $12,319,784,886 | $12,404,776,209 | 1.42% | $4,257 | -0.49 % | 2,914,096 |
| 2011 | $12,890,866,743 | $12,231,094,665 | 2.55% | $4,176 | -0.66 % | 2,928,592 |
| 2010 | $11,926,957,255 | $11,926,957,255 | 3.71% | $4,046 | -0.84 % | 2,948,023 |
| 2009 | $12,044,208,086 | $11,500,296,263 | 3.35% | $3,868 | -0.99 % | 2,973,048 |
| 2008 | $12,881,353,508 | $11,127,524,202 | 7.50% | $3,706 | -1.03 % | 3,002,678 |
| 2007 | $10,677,324,144 | $10,351,185,305 | 5.98% | $3,412 | -0.95 % | 3,033,998 |
| 2006 | $8,896,072,919 | $9,767,112,007 | 5.90% | $3,189 | -0.77 % | 3,063,021 |
| 2005 | $8,052,073,539 | $9,222,957,513 | 5.53% | $2,988 | -0.58 % | 3,086,810 |
| 2004 | $7,184,685,782 | $8,739,654,613 | 5.51% | $2,815 | -0.42 % | 3,104,892 |
| 2003 | $5,611,496,257 | $8,283,247,667 | 5.53% | $2,657 | -0.26 % | 3,118,023 |
| 2002 | $4,348,068,242 | $7,849,187,593 | 4.54% | $2,511 | -0.11 % | 3,126,187 |
| 2001 | $3,922,100,794 | $7,508,310,305 | 8.29% | $2,399 | 0.01 % | 3,129,704 |
| 2000 | $3,480,355,258 | $6,933,521,382 | 6.95% | $2,216 | 0.21 % | 3,129,243 |
| 1999 | $3,212,121,651 | $6,482,955,944 | 12.89% | $2,076 | 0.39 % | 3,122,697 |
| 1998 | $2,545,964,541 | $5,742,719,412 | 8.83% | $1,846 | 0.35 % | 3,110,682 |
| 1997 | $2,258,513,974 | $5,276,779,759 | -10.92% | $1,702 | 0.03 % | 3,099,752 |
| 1996 | $3,199,641,336 | $5,923,641,400 | 9.10% | $1,912 | -0.46 % | 3,098,700 |
| 1995 | $2,392,764,853 | $5,429,552,154 | 13.30% | $1,744 | -1.07 % | 3,112,936 |
| 1994 | $1,880,951,520 | $4,792,190,780 | 8.30% | $1,523 | -1.52 % | 3,146,519 |
5 FAQs About The GDP of Albania
1. What is the GDP of Albania?
The GDP of Albania was $15.3 billion in 2020, according to the World Bank.
2. What is the per capita GDP of Albania?
The per capita GDP of Albania was $5,461 in 2020.
3. What are the main sectors of the Albanian economy?
The service sector is the largest contributor to Albania’s GDP, followed by the industrial and agricultural sectors.
4. What are some of the economic challenges facing Albania?
Some of the economic challenges facing Albania include high unemployment, corruption, and a weak rule of law.
5. What strategies has Albania implemented to improve its GDP?
Albania has implemented strategies such as attracting foreign investment, implementing structural reforms, and improving the business climate to improve its GDP.
See also
- Demographics OF Oceania
- Demographics of Northern America
- Demographics OF Latin America and the Caribbean
- Demographics of Europe
- Demographics of Asia
- GDP of Barbados
- GDP of Togo
- Demographics of Africa
Sources:
- Organisation for Economic Co-operation and Development (OECD)
- World Population Prospects: The 2019 Revision – United Nations Population Division
- World Urbanization Prospects – Population Division – United Nations
- GeoNames
- United Nations Statistics Division
- World Bank