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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 2% 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 agri...  More..

Economy of Albania
SOURCE: CIA - The World Factbook
Currency Lek
Fiscal Year 01 January - 31 December
GDP (PPP) $22.9 billion (2009 est.)
GDP (per capita) $6,300 (2009 est.)
Exports $1.194 billion (2009 est.)
Imports $3.602 billion (2009 est.)
Main Industries Food Processing, Textiles and Clothing; Lumber, Oil, Cement, Chemicals, Mining, Basic Metals, Hydropower
Exports - Commodities Textiles and Footwear; Asphalt, Metals and Metallic Ores, Crude Oil; Vegetables, Fruits, Tobacco
Imports - Commodities Machinery and Equipment, Foodstuffs, Textiles, Chemicals
Exports Partners Italy 55.9%, Greece 11.6%, China 7.2% (2008)
Imports Partners Italy 32.1%, Greece 13.1%, Turkey 7.2%, Germany 6.6%, China 4.5%, Russia 4.2% (2008)

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