Albania Inflation Rate Rebounds from 5-Year Low, Albania Industry Confidence Remains Weak in Q3, Albania Consumer Morale Remains Below Pre-Pandemic Levels, Albania Jobless Rate Rises to 12.5% in Q2, Albania Producer Prices Fall for 3rd Quarter, Milan Stocks Continue to Advance Beyond 1-Year High, French Stocks Up for 2nd Day at 1-Year High. • Despite primary surpluses in recent years, public debt remains high. ... 1981 - 2019 GDP (constant 2010 US$) ... GDP per capita growth (annual %) Download. Albania’s GDP contracted 0.2 percent year-on-year in the fourth quarter 2019, after an upwardly revised 4.2 percent expansion in the previous period. WDI Tables. Reforms have been taken especially since 2005. Life Expectancy at birth, years. 2005-2020 Data | 2021-2023 Forecast | Calendar | Historical. Taking everything into account, Albania's GDP is projected to contract by 9.0 per cent in 2020, rebounding by 4.5 per cent in 2021, supported by reconstruction after the earlier earthquake. GDP per Capita in Albania (with a population of 2,884,169 people) was $4,850 in 2017, an increase of $183 from $4,667 in 2016; this represents a change of 3.9% in GDP per capita. Thematic data tables from WDI. On a quarterly basis, the economy also shrank 0.2 percent. DataBank. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). 2019; Population (million) 2.9: 2.9: 2.9: 2.9: 2.9: GDP per capita (USD) 3,955: 4,141: 4,638: 5,266: 5,425: GDP per capita (EUR) 3,498: 3,687: 4,016: 4,439: 4,735: GDP (USD bn) 11.4: 11.9: 13.3: 15.1: 15.6: GDP (EUR bn) 10.1: 10.6: 11.5: 12.8: 13.6: Economic Growth (GDP, annual variation in %) 2.2: 3.3: 3.8: 4.1: 2.2: Consumption (annual variation in %) 1.1: 1.9: 2.6: 3.2: 3.3: Investment (annual variation in … At country level, the highest average growth for 2019 is projected to be registered in After 4.1 per cent growth in 2018, the economy grew by just 2.4 per cent year-on-year in the first half of 2019, the slowdown being primarily due to weaker power generation. Country. Publish your articles and forecasts in our website. An overview of the World Bank’s work in Albania April 2019 ALBANIA 2018 Population, million 2.9 GDP, current US$ billion 15.3 GDP per capita, current US$ 5,319 Life Expectancy at birth, years (2018) 78.3 The World Bank in Albania Country Snapshot ALBANIA COUNTRY SNAPSHOT > www.worldbank.org/albania At a Glance • Albania’s remarkable economic transformation during the past few decades has aimed … GDP growth (annual %) - Albania from The World Bank: Data. OECD GDP growth slows to 0.2% in the fourth quarter of 2019 . GDP per capita, current US$. Online tool for visualization and analysis. An expansion in domestic demand led growth in 2019. GDP Per Capita in Albania reached 5,356.3 USD in Dec 2019. Public Consumption accounted for 11.5 % in Sep 2020. In 2009, Albania was the only country in Europe, together with Poland, San Marino and Liechtenstein, to have economic growth; Albanian GDP real growth was 3.7%. The economic growth rate of Albania has continued to accelerate during the cumulative nine-month period of 2018 and is expected to continue the gradual growth in 2019-2021. Albania is implementing important structural reforms that will support equitable growth, raise productivity and competitiveness in the economy, create more jobs, … We deem that the shocks we suffered drove to the slowdown of the economic growth pace, but did not deviated the Albanian economy from the positive development trend. Remittances also have a big importance for the economy and account for around 8 percent of GDP. Albania: Selected Economic Indicators, 2014-2020 1/ 2014 2015 2016 2017 2018 2019 2020 Proj. This site uses cookies to optimize functionality and give you the best possible experience. Since the first Systematic Country Diagnostic (SCD) was prepared in 2015, Albania has stabilized its macro-fiscal situation and improved GDP growth. IMF Offers Emergency Support to the Balkans. Hence, the economic growth in 2019, stood at 2.2%, downward from 4.1% in the previous year. A semi-annual report on recent economic developments and economic policies in the Western Balkans (Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia). Economic Growth by sectors, actual figures (Albania 2018) Economic Insights GDP Trends The growth rate of Western Balkans (WB6) region is estimated at 3.9% in 2018 and it is expected to average c.3.4% during 2019-20. The sample for 2019 Albania ES was selected using stratified random sampling, following the methodology explained in the Sampling Note. GDP Growth Rate in Albania is expected to be -1.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Three levels of stratification were used in this country: industry, establishment size, and region. Contributions to real GDP growth, percentage points 4 I.1.2a. However, close trade, remittance, and banking sector ties with Greece and Italy make Albania vulnerable to spillover effects of possible debt crises and weak growth in the euro zone. CSV XML EXCEL. Change in primary balance between 2018-2021 (pps. A lbaniaÕs economic freedom score is 66.5, making its economy the 52nd freest in the 2019 Index . Contributions to the change in the debt-to-GDP ratio between 2018-2021 OECD GDP growth slows to 0.5% in second quarter of 2019 . It was the first decline in annual GDP since the last quarter of 2014. Maintaining the primary balance surplus, projected to stay at 0.5% of the GDP in 2019, as well; Reducing the public debt, to 65.5% of the GDP against 69.1% expected for 2018; Moreover, the Bank of Albania deems that the Draft Budget 2019 is based on acceptable economic and fiscal projections. Private Consumption accounted for 79.7 % in Sep 2020. 78.2. Albania GDP (Gross Domestic Product) was INT$35.08billion for 2019 in PPP terms. Thematic data tables from WDI. World … By mid-2020 public debt stood at 80 per cent of GDP, 14 percentage points higher than at the end of 2019. Albania’s most important sector is services (60 percent of GDP) with banking, communications and tourism driving the growth. This slowdown reflected a lower production of electricity and decline in construction activity. GDP (PPP): $39.8 billion ; 2.2% growth; 3.1% 5-year compound annual growth; $14,495 per capita; Unemployment: 12.3% ; Inflation (CPI): 1.4% ; FDI Inflow: On the expenditure side, household consumption is the main component of GDP and accounts for 78 percent of its total use, followed by gross fixed capital formation (26 percent) and government expenditure (11 percent, as collective expenditure accounts for 6 percent and individual expenditure accounts for 5 percent). ... 1984 - 2019 GDP growth (annual %) ... GDP per capita growth (annual %) Download. Net exports reduced growth, as stagnant To learn more about cookies, click here. Direct access to our calendar releases and historical data. The remaining 20 percent goes to agriculture which is dominated by small family owned operations and employs almost half of the labour force. TIRANA, March 27 - According to recent data published by INSTAT, the last quarter of 2019 witnessed an economic slowdown mainly linked to the earthquake that struck Albania on November 26. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. GDP, current US$ billion. If you continue to navigate this website beyond this page, cookies will be placed on your browser. The report analyzes the economic performance and outlook for the Western Balkans and specific factors that affect the region’s development. ALBANIA COUNTRY SNAPSHOT > www.worldbank.org/albania Recent Economic Developments After expanding by 4.1 percent in 2018, annual growth for 2019 is projected to slow to 2.9 percent, as a drastic decline in rainfall cut hydroelectric power production. Since 2014, Albania’s economy has steadily improved and economic growth reached 3.8% in 2017. Real GDP grew by 4.2 % in 2018, driven chiefly by construction, exports, household consumption, and foreign direct investment in energy projects. Find Out, Online tool for visualization and analysis. The Albanian economy continued to grow during the first nine months of 2019, mainly underpinned by private consumption and services exports. Among the Major Seven economies, GDP growth slowed markedly in the United Kingdom … 5,325. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. For Nominal GDP contributions, Investment accounted for 23.7 % in Sep 2020. Its Gross Savings Rate was measured at 8.8 % in Sep 2020. The IMF has projected that Albania’s economic growth will slow to 3.6% in 2019. The annual growth rate of the population in Albania has been wavering between small percentages on both sides of zero since the turn of the century, gaining numbers just to lose some a few years later leading to little overall change. WTTC’s latest annual research, in conjunction with Oxford Economics, shows the Travel & Tourism sector experienced 3.5% growth in 2019, outpacing the global economic growth of 2.5% for the ninth consecutive year. International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. GDP Growth Rate in 2017 was 3.84%, representing a change of 516,658,277 US$ over 2016, when Real GDP was $13,470,274,302. 2019-20 ETTE GEACE, ETTE ECMIE 01 Highlights • Growth accelerated in 2018, but has slowed in 2019. Its overall score has increased by 2.0 ... hinders credit growth. Looking forward, we estimate GDP Growth Rate in Albania to stand at 0.50 in 12 months time. GDP (current US$) - Albania from The World Bank: Data. 15.3. By contrast, net exports of goods and services contributes negatively accounting for -18 percent of total GDP, as exports accounts for 35 percent while imports accounts for a much higher 53 percent. Country. CSV XML EXCEL. Real sector (Growth rate in percent) Real GDP 1.8 2.2 3.3 3.8 4.2 3.7 3.9 Domestic demand contribution 3.4 0.7 3.3 4.8 3.2 4.2 4.4 Consumption 3.0 0.8 2.5 2.4 2.3 2.7 2.9 Selected Countries and Economies. The SCD Update aims to identify Albania’s binding constraints for faster progress against the current political backdrop and on-going trends. Download historical data for 20 million indicators using your browser. Gross domestic product (GDP) growth rate in Albania 2025* Albania: Share in global GDP adjusted for PPP 2025 Distribution of gross domestic product (GDP) across economic sectors Albania 2019 Annual growth is estimated to have declined to to 2.2 percent, from 4 percent in 2018, while the GDP decreased by 0.15 percent during the last quarter of the compared to the same period in 2018. Economic growth concluded at 2.9%, down from 4.1% in the previous year. Overview: In 2019 Albania was the number 122 economy in the world in terms of GDP (current US$), the number 135 in total exports, the number 131 in total imports, the number 103 economy in terms of GDP per capita (current US$) and the number 87 most complex economy according to the Economic Complexity Index (ECI) Exports: The top exports of Albania are Leather Footwear ($352M), Footwear … After the increase of 3.84% in 2017, the GDP grew 4.35% over the nine-month period of 2018 and is expected to gradually Online tool for visualization and analysis. DataBank. Selected Countries and Economies. Year after year, the tourism sector has gained a growing share in the country's GDP… As of 2019, the population … The emerging economies of South-Eastern Europe that are not part of the EU, where incomes are lower, and social safety nets less developed, are particularly vulnerable to the economic and social impact of COVID-19. Over the past five years, one in four new jobs were created by the sector, making Travel & Tourism the best partner for governments to generate employment. Access the latest politics analysis and economic growth summary through 2011 for Albania from The Economist Intelligence Unit World Bank national accounts data, and OECD National Accounts data files. Enterprises that used the computer for work purposes, during 2020, represent 98.3 % of economic enterprises with 10 or more employed, from 97.5% in 2019.During … Earlier releases Release calendar of GDP) 5 I.1.2b. The manufacturing industry accounts for 20 percent of GDP. The Trading Economics Application Programming Interface (API) provides direct access to our data. WDI Tables. Download the entire news release (PDF 120KB) 26/08/2019 - Growth of real gross domestic product (GDP) in the OECD area slowed to 0.5% in the second quarter of 2019, compared with 0.6% in the previous quarter, according to provisional estimates..