Albania is a small country in the Balkan region of Europe, located on the Adriatic and Ionian Seas. With a population of just over 2.9 million people, Albania is one of the smallest countries in Europe, but its vibrant economy has seen rapid growth in recent years. The country has a market-oriented economy and is considered an upper-middle-income nation.
In 2018, Albania’s gross domestic product (GDP) was estimated at $14.2 billion, with a GDP per capita of $4,933. The country’s economy is largely based on services, which account for almost 70 percent of the GDP. The industrial sector contributes around 20 percent to the GDP, with agriculture making up the remaining 10 percent.
Albania is a member of the World Trade Organization (WTO) and the Central European Free Trade Agreement (CEFTA). It has also signed a Stabilization and Association Agreement (SAA) with the European Union (EU), which is expected to open up the country to increased foreign investment and trade opportunities.
The Albanian government has implemented a number of reforms to encourage economic growth and reduce poverty. These reforms include liberalizing the economy, introducing a flat tax system, and improving the business environment. As a result, the country has seen a steady increase in foreign direct investment (FDI) in recent years.
Albania’s main exports include textiles, leather goods, food and beverages, and metals. Its main trading partners are Italy, Greece, Germany, and Turkey. The country also has a thriving tourism industry, with many visitors drawn to its stunning coastline and ancient archaeological sites.
In terms of energy, Albania has large reserves of oil and natural gas, and it is the largest producer of oil in the Balkans. It is also the largest producer of hydropower in the region, and is a major exporter of electricity.
The Albanian government has committed to reducing poverty and improving living standards in the country. The government has implemented several social protection programs to reduce poverty and ensure access to basic services. It has also introduced a number of employment initiatives to create jobs and reduce unemployment.
Despite its small size, Albania has a vibrant and growing economy. With the right reforms and investment, the country has the potential to become an even more prosperous nation in the years to come.