Albania Economic information

Albania is a country located in Southeastern Europe. Tirana, its capital and largest city, is the economic center of the country. Its economy is based on a rapidly growing free market economy. While Albania had a communist economy based on central planning in the past, it transitioned to free market reforms in the early 1990s. These reforms included important changes such as privatizations, foreign trade liberalizations and economic liberalizations. The country's economy is based on agriculture, industry and service sectors. The agricultural sector accounts for approximately 20% of the country's gross domestic product, while the industrial sector has a share of 20-25%. The industrial sector is divided into subsectors such as mining, energy production, textiles, food processing and automotive. The service sector accounts for the largest share of the economy. Albania has also recorded significant growth in the tourism sector in recent years. The country's natural beauties, historical and cultural riches have become attractive for tourists. The tourism sector makes a significant contribution to the country's economy. The country's economic growth continues steadily. However, the poverty rate is still high and there is also a problem of unemployment. Additionally, problems such as corruption and organized crime can also negatively affect economic development. Albania continues its membership process to the European Union. This process offers important opportunities to accelerate the country's economic and political reforms and comply with EU standards.