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Albania

 
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Albania

ECONOMY

Salient Features: Until 1991, centrally planned Stalinist economy. Economic reforms crippled by economic and social disintegration in early 1990s. In 1992, new Democratic government announced "shock therapy" program to establish a market economy.

Gross Domestic Product (GDP): L16,234 million in 1990, US$450 per capita, a drop of 13.1 percent from the previous year; preliminary figures indicated a 30-percent drop for 1991.

Gross National Product (GNP): Estimated at US$4.1 billion in 1990; per capita income estimated in range US$600- US$1,250; real growth rate not available.

Government Budget: Revenues US$2.3 billion; expenditures US$2.3 billion (1989). Note: Albania perennially ran a substantial trade deficit; government tied imports to exports, so deficit seems to have been greatly reduced if not eliminated.

Labor Force: 1,567,000 (1990); agriculture about 52 percent, industry 22.9 percent (1987). Females made up 48.1 percent of the labor force in 1990.

Agriculture: Arable land per capita is the lowest in Europe. Self-sufficiency in grain production achieved in 1976, according to government figures. A wide variety of temperate-zone crops and livestock raised. Up to 1990, Albania was largely selfsufficient in food; thereafter drought and political breakdown necessitated foreign food aid.

Land Use: Arable land 21 percent; permanent crops 4 percent; meadows and pastures 15 percent; forest and woodland 38 percent; other 22 percent.

Industry: Main industries in early 1990s were food products, energy and petroleum, mining and basic metals, textiles and clothing, lumber, cement, engineering, and chemicals.

Natural Resources: Chromium, coal, copper, natural gas, nickel, oil, timber.

Imports: US$255 million (1987 estimate). Major commodities: machinery, machine tools, iron and steel products, textiles, chemicals, and pharmaceuticals.

Exports: US$378 million (1987 estimate). Major commodities: asphalt, bitumen, petroleum products, metals and metallic ores, electricity, oil, vegetables, fruits, tobacco.

Trading Partners: Italy, Yugoslavia, West Germany, Greece, East European countries, and China.

Economic aid: In fiscal year 1991 United States government provided US$2.4 million; the European Community (EC) pledged US$9.1 million; and Italy provided US$196 million for emergency food aid, industrial inputs and the education system. In July 1991 the EC enrolled Albania in its program for technical assistance to former communist countries.

Currency: Lek (pl., leke); exchange rate in January 1992 L50 per US$1.

Fiscal year: calendar year.

Data as of April 1992

 

Albania - TABLE OF CONTENTS

COUNTRY PROFILE


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