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Albanian Economy - Macroeconomic Data
Table 1. Main MacroEconomic Indicators
1996
1997
1998
1999
2000
2001
2002
2003
Growth of real GDP (%)
9.1
-10.3
12.7
8.9
7.7
6.5
4.7
6.0
GDP (in current prices, millions of ALL)
315,835
333,071
425,488
488,611
551,282
590,237
658,062
744,974
GDP (in current prices , millions of USD)
3022.3
2236.9
2824.4
3548.4
3836.3
4113.7
4695.4
6027.3
GDP per capita (USD)
920.6
672.9
842.1
1052.0
1128.0
1332.6
1521.0
1934.9
Number of employees (in thousands)
1116.0
1107.0
1103.0
1081.0
1068.0
1065.0
921.0
928.0
Unemployment rate (%)
12.4
14.9
17.8
18.0
16.9
14.6
15.8
15.0
Inflation rate
17.4
42.1
8.7
-1.0
4.2
3.5
2.1
3.3
Budget deficit (free of grants, as % of GDP)
-11.4
-13.2
-11.4
-12.1
-9.2
-8.2
-6.9
-5.6
Public debt (% of GDP)
30.7
36.2
36.2
37.4
42.6
39.5
38.8
38.0
Current account (free of official transfers, as % of GDP)
-3.6
-12.2
-7.1
-7.9
-7.4
-6.2
-9.0
-6.7
Foreign debt (as % of GDP)
29.2
35.6
36.9
32.3
31.8
28.2
24.4
23.3
Foreign exchange rate ALL/USD
104.5
148.9
150.6
137.7
143.7
143.5
140.1
121.9
Average exchange rate ALL/Euro
-
-
-
-
132.58
128.47
132.36
137.51
Source: Institution of Statistics (INSTAT), Ministry of Finance, IMF estimates and Bank of Albania
Table 2. Domestic Production Decomposed by Economic Sectors
Sectors
2001
2002
2003
Agriculture
26.0
25.4
24.7
Industry
10.8
10.5
10.2
Construction
8.3
8.6
9.1
Services
45.7
45.9
46.1
Transportation
9.1
9.6
10.0
Source: Ministry of Finance
Table 3. Sales Growth of Selected Economic Sectors (in %)
Activity
Q1-03 /
Q1-02
Q2-03 /
Q2-02
Q3-03 /
Q3-02
2003 /
2002
Total industrial change
25.48
15.87
13.84
17.92
Mining and oil industry
54.77
77.04
101.83
77.50
Metal processing industry
20.55
24.50
7.57
16.76
Energy, gas and water industry
28.76
-11.42
14.09
9.94
Construction
2.96
3.89
22.9
10.69
Trade, hotels and restaurants
18.32
17.2
3.7
12.27
Transport and telecommunications
-16.60
5.43
5.25
-1.18
Other services
28.08
-4.13
-8.3
3.90
TOTAL SALES GROWTH
14.38
12.59
8.4
11.51
Source: Institute of Statistics
Table 4. Labor Market: main Indicators (in thousands of persons)
2001
2002
2003
Q. 1
Q. 2
Q. 3
Q. 4
Q. 1
Q. 2
Q. 3
Q. 4
Q. 1
Q. 2
Q. 3
Q. 4
Labor supply
1277
1263
1256
1247
1096
1093
1094
1094
1096
1093
1092
1091
A. Employed persons
1072
1071
1069
1065
918
917
919
921
926
927
928
927
1. public sector
195
194
192
191
189
188
187
187
185
185
184
182
2. private non-agricultural sector
116
116
116
113
203
203
206
208
207
208
210
211
3. private agricultural sector
761
761
761
761
526
526
526
526
534
534
534
534
B. Unemployed persons
1. total unemployed persons
205
192
187
182
178
176
175
173
170
166
164
164
2. receivers of unemployment benefits
21
18
16
15
13
13
12
11
11
11
11
11
C. Unemployment rate (%)
16.0
15.2
14.9
14.6
16.2
16.1
16.0
15.8
15.5
15.2
15.0
15.0
Source: Institute of Statistics
Table 5. Fiscal Indicators as Percentage of GDP
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
Total revenues
24.1
23.4
16.3
17.0
22.0
22.0
21.9
23.0
22.9
22.4
- Tax revenues
16.0
13.2
10.7
9.8
12.3
12.9
15.6
15.6
15.7
19.6
Total expenditures
33.1
33.6
31.3
27.7
30.2
33.3
30.9
31.5
29.1
26.9
- Capital expenditures
3.4
8.3
4.9
4.2
5.7
5.8
6.6
7.4
5.6
4.1
Budget deficit
-9.0
-10.2
-11.4
-13.2
-11.3
-11.3
-9.1
-8.6
-6.2
-4.4
- Domestic finances
8.6
6.5
9.0
11.3
6.5
5.0
5.4
4.8
3.2
3.2
- Foreign finances
0.4
3.7
2.4
1.9
4.8
6.3
3.7
3.8
3.0
1.2
Source: Ministry of Finance
Table 6. Historical Structure of the Budget Revenues (%)
1998
1999
2000
2001
2002
2003
Realization
2003
Total revenues
100
100
100
100
100
100
93
- Tax revenues
59.9
60.0
68.6
66.2
66.7
65.0
94
- VAT
30.8
27.7
31.6
30.4
30.6
30.3
93
- Income tax
4.6
5.6
6.7
7.6
8.1
7.9
101
- Excise tax
5.3
6.5
7.6
7.0
6.2
7.3
106
- Small business tax
1.0
1.1
1.4
1.5
1.7
1.8
96
- Personal income tax
1.2
2.9
3.8
4.6
4.1
3.8
86
- National tax
3.3
3.7
4.8
5.1
6.7
7.3
87
- Customs tax
13.5
10.7
11.2
9.4
8.9
8.3
94
- Revenues from local governments
0.8
0.8
1.1
1.5
1.8
5.0
103
- Social contribution
16.9
16.9
16.6
16.6
17.0
17.2
94
- Non-tax revenues
22.2
22.1
13.7
15.6
14.6
11.3
86
Source: Ministry of Finance
Table 7. Attained Level of the Projected Expenditures for 2003 (%)
1998
1999
2000
2001
2002
2003
Plan 2003
Total expenses
100
100
100
100
100
100
89.6
- Current expenses
82.9
79.1
78.1
76.0
80.6
84.8
100.7
- Personnel
20.0
18.8
19.5
22.2
21.9
22.4
96.6
- Interest
25.3
21.1
17.3
13.0
12.9
14.9
110.3
- Social security
17.2
20.5
21.9
23.6
24.2
22.4
99.5
- Capital expenses
17.1
20.6
21.3
23.2
19.4
15.2
61.8
Source: Ministry of Finance
Table 8. Annual Inflation Rate (%)
1999
2000
2001
2002
2003
January
6.0
-1.3
2.2
6.5
0.0
February
3.5
-1.3
1.5
7.6
1.1
March
2.0
-2.1
2.9
7.5
1.3
April
0.4
-1.4
3.0
6.5
2.3
May
-0.1
-0.1
2.5
4.6
2.8
June
-0.6
0.1
4.0
3.7
2.6
July
0.1
-1.3
5.6
4.2
3.0
August
-0.6
-0.7
4.1
5.5
3.0
September
-1.9
0.9
3.5
5.3
2.8
October
-1.8
1.8
1.8
5.8
2.9
November
-1.2
1.9
2.8
3.7
3.4
December
-1.0
4.2
3.5
1.7
3.3
Source: INSTAT
Table 9. Contribution of Basket Items (in percentage points)
1999
2000
2001
2002
2003
January
6.0
-1.3
2.2
6.5
0.0
February
3.5
-1.3
1.5
7.6
1.1
March
2.0
-2.1
2.9
7.5
1.3
April
0.4
-1.4
3.0
6.5
2.3
May
-0.1
-0.1
2.5
4.6
2.8
June
-0.6
0.1
4.0
3.7
2.6
July
0.1
-1.3
5.6
4.2
3.0
August
-0.6
-0.7
4.1
5.5
3.0
September
-1.9
0.9
3.5
5.3
2.8
October
-1.8
1.8
1.8
5.8
2.9
November
-1.2
1.9
2.8
3.7
3.4
December
-1.0
4.2
3.5
1.7
3.3
Source: INSTAT
Table 10. Annual Inflation Rate of Main Trading Partners (%)
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
Greece
1.2
1.2
1.0
3.5
3.6
3.5
3.3
3.4
3.2
3.1
2.9
Italy
4.2
3.9
3.3
2.9
2.9
2.9
2.7
3.0
2.8
2.8
2.5
Table 11. Current Account Items During 2002 and 2003 (USD millions)
2001
2002
2003
Change 2003/2002
CURRENT ACCOUNT (1+6)
-217.9
-420.8
-406.7
96.6
1. Goods, services and income (2+5)
-788.7
-1034.0
-1248.6
120.8
1.1. Credit
1000.6
1062.2
1361.6
128.2
1.2. Debit
-1789.2
-2096.2
-2610.3
124.5
2. Goods and services (3+4)
-937.7
-1160.4
-1419.0
122.3
2.1. Credit
838.1
915.3
1166.9
127.5
2.2. Debit
-1775.8
-2075.6
-2585.8
124.6
3. Goods
-1027.0
-1155.1
-1336.3
115.7
3.1. Credit
304.6
330.2
447.2
135.4
3.2. Debit
-1331.6
-1485.4
-1783.5
120.1
4. Services
89.3
-5.2
-82.7
1578.8
4.1. Credit
533.5
585.0
719.7
123.0
4.2. Debit
-444.2
-590.3
-802.4
135.9
5. Income
149.0
126.4
170.3
134.8
5.1. Credit
162.5
146.9
194.8
132.6
5.2. Debit
-13.4
-20.6
-24.4
118.7
6. Current transfers
570.8
613.2
841.9
137.3
6.1. Credit
647.5
671.7
924.2
137.6
6.2. Debit
-76.7
-58.5
-82.3
140.5
Table 12. Imports and Exports by Groups of Merchandise
Code
Description
Imports
Exports
Trade balance
0
Live animals, animal products
268.1
18.9
-249.2
1
Prepared food products, beverages, tobacco, etc.
68.8
5.8
-63.0
2
Raw materials
63.7
19.4
-44.3
3
Fuel
158.9
4.9
-154.0
4
Vegetables, animal fat, oil
29.0
0.5
-28.5
5
Chemical products
159.7
2.9
-156.8
6
Manufactured articles
441.0
77.5
-363.4
7
Machinery and equipment
403.4
15.8
-387.5
8
Miscellaneous manufactured articles
264.7
301.5
36.8
TOTAL
1857.2
447.2
-1410.0
Source: Ministry of Industry and Energy
Table 13. Imports by Trading Partners
Imports
Share on total imports (%)
Annual change (2003/2002) %
2001
2002
2003
TOTAL
100.0
100.0
100.0
24.9
EU countries ( 15 )
74.2
71.1
68.3
14.5
Italy
31.9
34.7
34.1
17.6
Greece
25.8
21.9
19.8
1.7
Germany
5.8
5.6
5.7
42.8
Southeastern European (SEE) Countries
5.8
7.1
6.1
2.9
Bulgaria
2.0
1.9
2.2
40.8
Bosnia & Herzegovina
0.0
0.0
0.1
83.6
Croatia
1.3
2.2
1.5
-12.2
Former Yugoslavia
0.5
0.8
0.6
-23.8
FYROM (FYR of Macedonia)
1.1
1.1
0.9
-4.8
Romania
0.9
1.1
0.9
-6.1
Turkey
6.2
6.1
6.5
31.4
Russia
1.4
2.6
2.9
46.8
Ukraine
1.1
1.2
2.3
205.0
Other
11.4
11.8
13.9
22.6
Table 14. Exports by Trading Partners
Exports
Share on total exports (%)
Annual change (2003/2002) %
2001
2002
2003
TOTAL
100.0
100.0
100.0
35.4
EU countries ( 15 )
91.6
92.1
93.3
37.1
Italy
71.2
71.7
74.9
41.4
Greece
13.1
12.8
12.9
35.7
Germany
5.5
5.5
3.4
-16.8
Southeastern European (SEE) Countries of which:
4.7
3.8
4.3
20.8
Former Yugoslavia
3.1
2.2
2.6
41.7
FYROM (FYR of Macedonia)
1.5
1.5
0.7
-37.1
Other
3.7
4.1
2.4
45.2
Table 15. Balance of Payments (USD millions)
Year:
1998
1999
2000
2001
2002
2003
Current account
-65.0
-132.9
-163.1
-217.9
-420.8
-406.7
Exports of goods
208.0
275.1
255.4
304.6
330.2
447.2
Imports of goods
-811.7
-937.9
-1076.4
-1331.6
-1485.4
-1783.5
Trade balance
-603.6
-662.8
-821.0
-1027.0
-1155.1
-1336.3
Services: Credits
86.6
266.7
448.1
533.5
585.0
719.7
Services: Debits
-129.3
-165.4
-430.0
-444.2
-590.3
-802.4
Revenues: Credits
86.1
85.6
115.9
162.5
146.9
194.8
Revenues: Debits
-8.7
-10.3
-9.1
-13.4
-20.6
-24.4
Private transfers free of compensation
421.3
188.4
438.6
542.6
575.0
781.7
Public transfers free of compensation
82.6
165.0
94.4
28.1
38.2
60.3
Capital account
31.1
67.5
78.2
117.8
121.2
157.0
Financial account
16.0
36.8
182.5
109.0
206.9
202.0
Direct investments
45.0
41.2
143.0
207.3
135.0
178.0
Portfolio investments
0.0
0.0
-25.0
-23.0
-36.8
-22.5
Other capitals
-29.0
-4.4
64.5
-86.9
103.4
35.3
Net errors and omissions
69.4
131.3
15.0
136.1
121.3
147.4
General balance
59.4
123.5
131.9
145.0
28.6
99.6
Reserves
-59.9
-123.6
-131.9
-145.0
-28.6
-99.6
Foreign assets
7.9
20.9
19.3
12.0
5.3
11.1
Use of IMF credits and loans
…
….
…
To receive attention:
Net reserves change
-75.9
-97.4
-130.5
-116.2
-109.9
-175.6
Changes due to exchange rate movement
12.6
-26.2
-3.5
1.5
65.0
87.0
Source: Bank of Albania
Note:Sources of Information for MacroEconomic Data on Albania are:
Ministry of Finance of Albania , Bank of Albania , INSTAT (Institute of Statistics) , IMF etc...
The use of IMF credits and loans is not included
Excerpts from the Annul Report 2003, published by the Bank of Albania, March 2004.
The data on the real growth of GDP for 1996-2000 are taken from the Institution of Statistics of Albania (INSTAT). For the rest of the years, the respective data are evaluations of Ministry of Finance, IMF, and Bank of Albania.
Nominal GDP is adapted by using the average exchange rate. During 2003, USD has been appreciated on average 13 per cent against ALL .
The employment data correspond to the nine-month period of 2003.
Albanian Economy 
