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Economy

Main article: Economy of Albania

The metropolitan area of Durana, which encompasses the cities of Tirana and Durrës, functions as the principal economic hub of Albania.

Transitioning from a socialist planned to a capitalist mixed economy, Albania is classified as a developing open market with an upper-middle income status. The Albanian economy is characterised by a substantial service sector, comprising 48.6% of GDP, with key contributions from wholesale and retail trade, tourism, real estate, and logistics. Following this, the industrial sector accounts for 20.2%, particularly influenced by construction, while the agricultural sector, including forestry, and fisheries, represents 18.5%, and the manufacturing sector contributes a modest 6.3% to the economy. As of 2024, Albania's nominal gross domestic product (GDP) is reported at $25.431 million with a GDP per capita of $8,924. The projected annual percentage change in economic growth for 2024 is 3.1%, with a forecasted increase to 3.5% by 2029. Albania has developed a comprehensive framework for international trade through several pivotal agreements with various regions. The Stabilisation and Association Agreement (SAA) with the European Union (EU), signed in 2006, is one of the most significant. This agreement provides critical trade benefits and serves as a foundation for the Albanian integration into the EU. In 2009, Albania signed a free trade agreement (FTA) with the European Free Trade Association (EFTA), which further expands trade opportunities and market access. The country is also a signatory to the Central European Free Trade Agreement (CEFTA) and Organization of the Black Sea Economic Cooperation (BSEC), promoting regional trade and collaboration with neighboring countries. Fruthermore, the country has enhanced its bilateral trade relations through a FTA with Turkey, the United Kingdom and a bilateral investment treaty with the United States.

In 2019, the Global Competitiveness Index assigned Albania a ranking of 81st, which indicates a moderate level of competitiveness among other countries. The 2023 Economic Freedom of the World report placed Albania in the 31st position, noting a considerable degree of economic independence and the effective adoption of market-oriented policies. The 2024 Index of Economic Freedom reaffirmed Albania's standing at 48th, emphasising sustained improvements in its regulatory framework and the protection of property rights. The 2024 Bertelsmann Transformation Index ranked Albania 20th and acknowledged substantial progress in political and economic transformation. Also in 2024, the country was positioned 23rd in the Global Gender Gap Index, excelling in the Economic Participation and Opportunity category with a global ranking of 16th, showcasing significant advancements in women's economic participation. However, the Albanian economy, despite demonstrating considerable resilience, encounters substantial vulnerabilities that hinder its development. Principal challenges include widespread corruption, distorted competition, and frequent modifications to fiscal legislation. Furthermore, inadequate contract enforcement, a large informal sector, and persistent labor shortages further complicate the national economic progress.

The economic landscape of Albania is characterised by regional disparities, particularly apparent in the concentration of economic activities in the triangular region formed by Tirana, Durrës and Laç. This metropolitan area, referred to as Durana, functions as the principal economic center of Albania. In the year 2021, Tirana County accounted for a significant 44% of the national GDP, with the counties of Fier and Durrës also playing integral roles in the economy, contributing 11% and 10% to the GDP, respectively. Other substantial economic centers, such as Elbasan and the coastal cities of Sarandë and Vlorë, highlight the uneven distribution of economic development across the country. Cultural regions, including Berat and Korçë, despite their geographical distance from the primary economic hubs, have derived considerable benefits from the remarkable expansion of the tourism sector.

Energy

Main article: Renewable energy in Albania

• https://www.irena.org/publications/2021/March/Renewables-Readiness-Assessment-Albania

Transport

Main article: Transport in Albania

The transportation system of Albania is significantly shaped by its geographic location along the Adriatic and Ionian Seas, as well as its challenging mountainous terrain, integrating multiple modalities, comprising air, road, rail, and sea transport.

• The international airport of Tirana is the primary air corridor to Albania and functions as principal operational hub for the national flag carrier, Air Albania.

• With over 8 million passengers in 2024, the airport demonstrated exceptional growth, placing Albania among Europe's fastest-growing aviation markets. The ongoing development of the airport of Vlorë is projected to substantially improve access to Southern Albania. The airport of Kukës represents an additional international point in Northern Albania. Furthermore, plans are being developed to increase the number of airports in the south, with prospective locations under consideration in Sarandë and Gjirokastër.
  • https://airserviceone.com/tirana-airport-sees-rapid-growth-amidst-tourism-boom-and-airline-rivalry/
  • https://airport-world.com/record-breaking-june-for-tirana-international-airport/

• The Autostrada 1 (A1), which is the longest motorway in Albania, is designed to connect Durrës on the Adriatic Sea to Pristina in Kosovo, ultimately linking to the Pan-European Corridor X in Serbia. The Autostrada 2 (A2) is part of the Adriatic–Ionian Corridor and connects Fier with Vlorë, while the Autostrada 3 (A3), currently under construction, aims to link Tirana and Elbasan with the Pan-European Corridor VIII.

• TPort of Durrës, the largest and busiest seaport in the country, followed by the ports of Vlorë, Shëngjin, and Sarandë. Durrës is recognized as one of the largest passenger ports on the Adriatic Sea, managing an annual passenger volume of approximately 1.5 million. This port plays a critical role in maritime trade and tourism, serving as a key link between Albania and various Mediterranean destinations.

• The railway network in Albania has experienced a decline in usage since the end of communism, with a notable increase in private car ownership and bus transportation. However, a new railway line connecting Tirana and its airport to Durrës is planned, which is expected to significantly enhance connectivity between Albania's most populated urban areas.

Tourism

Main article: Tourism in Albania

• The tourism sector of Albania has undergone significant developments in recent decades, transitioning from an isolated country to a prominent hotspot in the Mediterranean.

• Historically, Albania's tourism began to develop during the communist era, primarily catering to domestic travelers. However, after the fall of communism, the country opened its borders and began attracting international visitors.

• According to the United Nations World Tourism Organization (UN Tourism), Albania welcomed approximately 10 million tourists in 2023, marking a significant increase from previous years and reflecting the growing global interest in the country.

History

Independence

Main article: Independent Albania

See also: Albanian Declaration of Independence

Further information: Massacres of Albanians in the Balkan Wars

The independence of Albania from the Ottoman Empire in 1912 marked a pivotal event in the formation of the modern Albanian nation.

Fourth Republic

Main article: Fall of communism in Albania

See also: Albanian Civil War of 1997

The fall of communism paired with the revolutions of 1989 marked the beginning of Albania's transition from a one-party state to a multi-party democracy. Subsequent to the attainment of widespread in the first multi-party elections of 1991, the communist party maintained a stronghold in the parliament until their defeat in the parliamentary elections of 1992 directed by the Democratic Party led by Sali Berisha. This marked the end of Enver Hoxha's authoritarian rule and the start of a new era of political pluralism.