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Economy of Albania

The economy of Albania has undergone a transition from its Communist past into an open-market economy since the early 1990s. The country is rich in natural resources, and the economy is mainly bolstered by agriculture, food processing, lumber, oil, cement, chemicals, mining, basic metals, hydro power, tourism, textile industry, and petroleum extraction. As of 2014, exports seem to gain momentum and have increased 300% from 2008, although their contribution to the gross domestic product is still moderate (the export of products per capita as of 2014 is around $1,136.It is very undeveloped against European standards and is one of the poorest countries in Europe.

Sectors

Agriculture

Agriculture in Albania employs 47.8% of the population and about 24.31% of the land is used for agricultural purposes. Agriculture contributes to 18.9% of the country's GDP.

The main agricultural products in Albania are tobacco, figs, olives, wheat, maize, potatoes, vegetables, fruits, sugar beets, grapes, meat, honey, dairy products, and traditional medicine and aromatic plants.

Oil and gas

Albania has the second largest oil deposits in the Balkans (after Romania) and the largest onshore oil reserves in Europe. Albania's crude output amounted to more than 1.2 million tonnes in 2013, including 1.06 million by Canada's Bankers Petroleum, 87,063 tonnes from Canada's Stream Oil and 37,406 tonnes by Albpetrol on its own. Three foreign firms produced the rest.

Tourism

A large part of Albania's national income comes from tourism. Tourism - as of 2013 - funds 10% of its gross domestical product, and this is expected to increase. The increase in foreign visitors is dramatic but very low compared to other European nation just like its neigbour Greece , with Greece having an estimated 25 million tourists visiting in 2014.



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