Albania: Economy

The shifts for the better have been observed in the economy of the country recently.


Thus, summarizing the results of 2010, the Minister of Finance reported about decline in inflation (by 3.6% as compared with the previous year) as well as about a number of changes for the better in the field of finance. Today, besides the recovery of financial sector, the level of population trust to the financial institutions is growing up as well.


Also, the positive indicators include the increase of business credit amount in the country, while the level of consumer crediting remains unchanged. Thus, the indicator of crediting during 2010 was higher than in the previous year by 9.12%, while the consumer crediting increased moderately by 4%.


In 2010, the budget of Albania received much more money than in the previous year. Growing rates of the state economic development are expected in 2011. Thus, the average annual income became higher than the analogous index of 2009 by 9%. In accordance with the forecasts for current year the GDP of the country is expected to increase by 5.5%.


Obvious interest of foreign creditors cannot escape observation. In accordance with the latest data, the inflow of foreign loans increased three-fold. The Prime Minister reported at one of the government meetings that Albania had become an attractive country for foreign investments long ago. For example, in 2006 the state moved from position 141 to position 80 in the list of top-priority countries for foreign investments, and in 2009 – to position 25. If the amount of investments in 2006 was equal to 258 million Euros, in 2009 it was already 700 million. According to the Prime Minister, the main reason influencing the situation is low taxes.


In accordance with statements of Albanian politicians, the country is obtaining one more developing branch of economy – tourism. According to the available data, more than two million of foreigners visited Albania during the period from January till August 2011. It is a half million more as compared with the index of 2010. The figures obtained prove directly that the state becomes more and more attractive for tourists every year.


In order to maintain the tourists’ interest in the country, protection of the tourist zones in Albania is strictly monitored basing on control of landscape pollution with wastes.