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EIU Albania

Overview

The new government, which took office in September, is expected to be less stable than its predecessors, because it has a very small majority. The prime minister, Sali Berisha, and his centre-right Democratic Party of Albania (DPA) will need to rely on the support of their long-standing political adversary, Ilir Meta, whose Socialist Movement for Integration (SMI) has become the DPA's junior coalition partner. Albania has a chance of becoming an EU candidate in the forecast period, but only if the new government significantly accelerates reforms. The Economist Intelligence Unit forecasts real GDP to grow by 3.5% in 2010 and 5% in 2011, after estimated growth of 2.5% in 2009. We forecast average inflation of around 3% in the forecast period. The current-account deficit is expected to decline to the equivalent of around 7.5% of GDP in 2010-11.

Key Reports Available for Albania
  • Country Report
  • Country Profile
  • Basic Data

    Total area
    28,748 sq km
    Population
    3,069,000 (census of April 1st 2001 of resident population, not including those temporarily working or seeking work abroad)
    Main towns
    Population according to the 2001 census
    Tirana (capital): 341,453
    Durres: 113,465
    Elbasan: 85,798
    Shkoder: 85,789
    Vlore: 85,180
    Fier: 76,166
    Korce: 58,911
    Climate
    Mediterranean on the coastal plain, much harsher in mountainous areas
    Weather in Tirana (altitude 89 metres)
    Hottest month: August, 17-31°C; coldest month: January, 2-12°C; driest months: July and August, 32 mm average rainfall; wettest month: December, 211 mm average rainfall
    Language
    Albanian
    Measures
    Metric system
    Currency
    Lek (Lk) = 100 qindarkas. Average exchange rates in 2008: Lk83.89:US$1; Lk122.80:€1. Exchange rates on February 4th 2009: Lk97.50:US$1; Lk126.39:€1
    Time
    One hour ahead of GMT in winter; two hours ahead in summer
    Fiscal year
    Calendar year
    Public holidays
    January 1st-2nd (New Year), March 14th (Summer Day), March 22nd (Novruz), April 12th (Catholic Easter), April 19th (Orthodox Easter), May 1st (Labour Day), September 20th (Greater Bajram), October 19th (Mother Teresa Day), November 27th (Lesser Bajram), November 28th (Independence Day), November 29th (Liberation Day), December 25th (Christmas Day)
    If a public holiday falls on a Saturday, the previous Friday is taken as a non-working day; if a public holiday falls on a Sunday, the following Monday is a non-working day
    SOURCE: Country Profile


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