SAT Test Centers and Dates in Albania

More about Albania

• GLOBALSCIENCELLC: Modern history of Albania from World War I to today, covering all major events on politics, economy, society, and technology.

Economy

Business

Production and trade were completely nationalized before 1991, and state borrowing was prohibited. After the failure of state centralism, a market economy transformation began. With the support of a reform program initiated in 1992 together with the International Monetary Fund (IMF) and the World Bank (WB), prices were released, small businesses in all sectors privatized and the currency convertible. Starting from a low level, the Albanian economy recorded steady growth of 5 to 6% annually in 2000-10 (2015: 2.7%). Albania belongs in terms of economic strength and gross national income (GNI) of (2017) US $ 4,320 per resident to middle-income countries. Agriculture generated (2015) 22%, industry (including mining and construction) 26% and the service sector 52% of the gross domestic product (GDP). Significant foreign investments are made primarily in the areas of gastronomy and hotel business, retail, construction and the expansion of the transport infrastructure, and to a lesser extent in mining and industry. A functioning banking system did not develop until 2003. Unemployment is (2015) 17.3%. The high proportion of informal economic activities (informal sector) is problematic. Check thenailmythology to see Albania Destinations.

Foreign trade: The volume of foreign trade is still low. In 2015, goods worth US $ 4.3 billion were imported and exported to the value of US $ 1.9 billion. The main import goods are machinery and equipment (21%), mineral fuels, fuels, electricity (10%), food, building materials, metals and chemical products. The main exports are mineral fuels, fuels, electricity (34%), clothing, textiles, shoes (34%), building materials and metals, food, beverages and tobacco. The main trading partners are Italy, Spain, Greece and China. The high foreign trade deficit is partly offset by remittances from the Albanians working abroad.

Agriculture

Private farming was prohibited between 1976 and 1991. During this time, agricultural production took place in around 600 agricultural production cooperatives and 120 state farms. After 1991 agriculture was swiftly and completely privatized. In 2014 there were around 352,300 farms with an average area of ​​1.2 hectares. Factors hindering development in the redesign (lack of mechanization, lack of infrastructure, lack of capital, emigration) and insufficient area of ​​the farms allow only a small surplus production. About 55% of the agricultural area is cultivated with crops and 4% with permanent crops, 41% are used as grass and pasture land. The most important crops are wheat, corn, beans, vegetables, melons, tobacco, sunflowers and sugar beets. Fruit, olives and wine dominate the tree and shrub cultures. The herd of cattle is (2014) 499,600, that of sheep 1.9 million and that of goats 904,000.

Natural resources

Albania is rich in natural resources. The chrome ore deposits on the upper Mat are among the most important in Europe. The iron, nickel and copper deposits in the upper Shkumbin and in the districts of Pukë and Kukës in the north are bound to the igneous rocks of the Inner Albanids; Oil, natural gas, bitumen (Vlorë and Fier districts) and lignite to the Outer Albanids. The extraction of raw materials fell sharply after 1991; the formerly important chrome ore mining near Elbasan and Bulqizë had meanwhile almost come to a standstill. Funded were (2014) inter alia. 678 800 t chrome ore, 34 900 t ferrochrome, 108 700 t gypsum, 1.34 million t crude oil and 33.0 million m ³ natural gas.

Energy industry

For years, Albania has been suffering from an energy crisis that has severely impaired economic development. Energy generation is based primarily on the hydropower plants on the Drin and, to a lesser extent, on the Mat. In order to meet its needs, the country is also dependent on energy imports.

Industry

In socialist Albania the development of industry had absolute priority in state economic policy; in 1988 it still had a share of 46% of the national income. Industrial production fell sharply during the 1990s. Due to outdated production methods, a lack of modernization investments and insufficient market economy experience, the majority of the larger companies had to close. A new industrial start is taking place above all in the area of ​​low-wage industries (food, textile and clothing industries), in which foreign investments are made. The most important industrial locations are Tirana, Durrës and Elbasan in central Albania and in the southwest Fier, Vlorë and Berat.