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Albania Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
3,057,220 (July 2018 est.)GDP (PPP)
$36.01 billion (2017 est.)Albania is a developing country with a modern open-market economy.
GDP growth rate
3.8% (2017 est.)Since 2014, Albania’s economy has steadily improved and economic growth reached 3.8% in 2017. However, close trade, remittance, and banking sector ties with Greece and Italy make Albania vulnerable to spillover effects of possible debt crises and weak growth in the euro zone.
GDP (PPP) per capita
$12,500 (2017 est.)Medium, though the agricultural sector still accounts for more than 40% of employment.
Local currency
Albanian lek (ALL)The currency depreciated during the Global Financial Crisis but has subsequently recovered almost all of the lost value.
Financial stability (Public debt)
71.8% of GDP (2017 est.)Albania entered into a new arrangement with the IMF for additional financial and technical support. Albania’s three-year IMF program, an extended fund facility arrangement, was successfully concluded in February 2017.
Inflation
2% (2017 est.)Low.
Language
Albanian 98.8% (official)Low English proficiency (50/100)
Corruption perception index (Source: Transparency International)
99/180Very high level of corruption.
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
20%Hospitality services at subject to 6% VAT. There are several activities which are either zero-rated or exempt.
Corporate Tax
15%Reduced CIT rate of 5% applies to companies with annual turnover up to ALL 14 million or whose activity is software production and development or agriculture/agro-tourism.
Duties
0% to 15%Albania uses the Harmonized Code System for tariff classification. Import of machinery and equipment for use in the taxpayer's business activity are generally subject to customs duties at 0%. Import of vehicles are subject to customs duties at a rate of 0%.
Useful Business Links
Whether you are looking for a European importer or you are just interested in Europe business, Globartis is the right platform for you!
We have a strong position in Europe B2B and Europe trade. If you are interested in doing business in Albania, or in finding Albanian manufacturing companies, we can help you. Hundreds of companies in Albania and Albanian SMEs use Globartis for their operations.
Join our network today and find the right partner for your Albania business. Connect with an Albanian manufacturer or an Albania importer, or source among Albania export to find the right product. Join now and grow your business in Tirana and Durrës.