Economy of Albania

Albania

Currency

The currency of Albania is Albanian lek. The plural form of the word Albanian lek is lekë. The symbol used for this currency is L, and it is abbreviated as ALL. The Albanian lek is divided into Qindarke; there are 100 in one lek.

Credit rating

The depth of credit information index for Albania is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Albania has a credit rating score of B+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Albania has a credit rating score of B1, and the prospects of this rating are stable.

Central bank

The prime lending rate of Albania's commercial banks is 8.6. In Albania, the institution that manages the state's currency, money supply, and interest rates is called Bank of Albania. Locally, the central bank of Albania is called Banka e Shqipërisë. The average deposit interest rate offered by local banks in Albania is 1.9%.

Public debt

The government debt of Albania has not been calculated yet.

Tax information

The corporate tax in Albania is set at 15%. Personal income tax ranges from 0% to 23%, depending on your specific situation and income level. VAT in Albania is 20%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Albania is $32.259 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Albania was last recorded at $0 million. PPP in Albania is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Albania is 15 billion. Based on this statistic, Albania is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Albania was last recorded at $0 million. The average citizen in Albania has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Albania averaged 2.1% in 2014. According to this percentage, Albania is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly.

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