Economy
Main article: Economy of Albania See also: Agriculture in AlbaniaAlbania's troubled transition from communist to free-market capitalism has been largely successful. There are signs of increasing investments, and power cuts are reduced to the extent that Albania is now exporting energy. Its GDP per capita (expressed in PPS—Purchasing Power Standards) stood at 28 percent of the EU average in 2010. Still, Albania has shown potential for economic growth, as more and more businesses relocate there and consumer goods are becoming available from emerging market traders as part of the current massive global cost-cutting exercise. Albania, Cyprus, and Poland are the only countries in Europe that recorded economic growth in the first quarter of 2010. International Monetary Fund (IMF) predicted 2.6% growth for Albania in 2010 and 3.2% in 2011.
Albania and Croatia have discussed the possibility of jointly building a nuclear power plant at Lake Shkoder, close to the border with Montenegro, a plan that has gathered criticism from Montenegro due to seismicity in the area. In addition, there is some doubt whether Albania would be able to finance a project of such a scale with a total national budget of less than $5 billion. However, in February 2009 Italian company Enel announced plans to build an 800 MW coal-fired power plant in Albania, to diversify electricity sources. Nearly 100% of the electricity is generated by ageing hydroelectric power plants, which are becoming more ineffective due to increasing droughts.
The country has some deposits of petroleum and natural gas, but only produced 6,438 barrels of oil per day as of 2009 (BNK-TC). Natural gas production, estimated at about 30 million cubic meters, is sufficient to meet consumer demands. Other natural resources include coal, bauxite, copper and iron ore.
Agriculture is the most significant sector, employing some 58% of the labor force and generating about 21% of GDP. Albania produces significant amounts of wheat, corn, tobacco, figs (13th largest producer in the world) and olives.
Tourism is gaining a fair share of Albania's GDP with visitors growing every year.
The workforce of Albania has continued to migrate to Greece, Italy, Germany, other parts of Europe, and North America. However, the migration flux is slowly decreasing, as more and more opportunities are emerging in Albania itself as its economy steadily develops.
Read more about this topic: Subdivisions Of Albania
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)