Economy of Albania
Albania is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Albania may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Albania exports around $2.32 billion and imports roughly $4.84 billion. 13.9% of population in the country are unemployed. The total number of unemployed people in Albania is 407,876. In Albania, 14% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Albania is low, indicating that it has a stable economy. Investors should consider Albania to be a safe location for investments and other financial ventures. Government expenditure on education is 4.9% of GDP. The Gini Index of the country is 34.5. Albania is experiencing good equality. The majority of citizens in Albania fall within a narrow range of income, although some cases may show significant differences. Albania has a Human Development Index (HDI) of 0.716. Albania has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Albania is 1.821. Due to strong law enforcement presence and high social responsibility, Albania is very safe by international standards. The strength of legal rights index for Albania is 7. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.
The currency of Albania is Albanian lek. The plural form of the word Albanian lek is lekë. The symbol used for this currency is L, and it is abbreviated as ALL. The Albanian lek is divided into Qindarke; there are 100 in one lek.
The depth of credit information index for Albania is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Albania has a credit rating score of B+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Albania has a credit rating score of B1, and the prospects of this rating are stable.
The prime lending rate of Albania's commercial banks is 8.6. In Albania, the institution that manages the state's currency, money supply, and interest rates is called Bank of Albania. Locally, the central bank of Albania is called Banka e Shqipërisë. The average deposit interest rate offered by local banks in Albania is 1.9%.
The government debt of Albania has not been calculated yet.
The corporate tax in Albania is set at 15%. Personal income tax ranges from 0% to 23%, depending on your specific situation and income level. VAT in Albania is 20%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Albania is $32.259 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Albania was last recorded at $0 million. PPP in Albania is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Albania is 15 billion. Based on this statistic, Albania is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Albania was last recorded at $0 million. The average citizen in Albania has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Albania averaged 2.1% in 2014. According to this percentage, Albania is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Albania.
Major industries in the country are food and tobacco products, textiles and clothing, lumber, oil, cement, chemicals, mining, basic metals, hydropower. The total labor force of Albania is 1,333,350 people, wherein 13.9% of population in the country are unemployed. The total number of unemployed people in Albania is 407,876. The Industrial Production growth rate of Albania is 3%.To read more about industrial information within Albania click on industry of Albania.
There are 5507 km2 of arable land in Albania, and it comprises 19% of the country's total territory. There are 6660 km2 of cultivated land in Albania. The country's major agricultural crops and products are wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes, meat, dairy products.To read more about agriculture click on agriculture of Albania.