Albania economy

Albania is a country located in the western Balkans with a population of about 2.9 million people. It has a developing economy that is ranked as the 127th-largest in the world.

The Albanian economy is a mixed economy, meaning it combines elements of a market economy with a planned economy. The government plays a significant role in the economy through state-owned enterprises and other forms of regulation, but there is also a significant private sector.

The main sectors of the Albanian economy include industry, agriculture, and services.

  • Industry: Industry is a major contributor to the Albanian economy, accounting for about 28% of the country's GDP. Major industries include manufacturing, construction, and mining. Albania is a major producer of oil, natural gas, and other natural resources.
  • Agriculture: Agriculture is a significant sector of the Albanian economy, employing about 20% of the population. Major agricultural products include grains, vegetables, and fruit.
  • Services: The service sector in Albania is growing and now accounts for about 72% of the country's GDP. This sector includes financial services, real estate, and tourism.
Despite its economic strengths, Albania has faced economic challenges such as a high level of government debt and a lack of infrastructure. The government has implemented economic reforms and development plans to address these challenges and promote sustainable growth.