Albania, a formerly closed, centrally-planned state, is making transition to a more modern open-market economy. Macroeconomic growth averaged around 6% between 2004-08, but declined to about 3% in 2009-11, and 0.5% in 2012. Inflation is low and stable. The government has taken measures to curb violent crime, and recently adopted a fiscal reform package aimed at reducing the large gray economy and attracting foreign investment. Remittances, a significant catalyst for economic growth declined from 12-15% of GDP before the 2008 financial crisis to 8% of GDP in 2010, mostly from Albanians residing in Greece and Italy. The agricultural sector, which accounts for almost half of employment but only about one-fifth of GDP, is limited primarily to small family operations and subsistence farming because of lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land.

GDP - real growth rate: 0.5% (2012 est.)
GDP - per capita (PPP): $8,000 (2012 est.)
GDP - composition by sector: agriculture: 20.4%, industry: 19.1%, services: 60.5% (2012 est.)
Labor force: 1.071 million (2011 est.)
Labor force - by occupation: agriculture - 47.8%, industry - 23%, services - 29.2% (September 2010 est.)
Inflation rate (consumer prices): 2% (2012 est.)
Agriculture - products: wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products; sheep
Industries: perfumes and cosmetic products, food and tobacco products; textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower
Exports: $2.121 billion (2012 est.)
Exports - commodities: textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco 
Exports - partners: Italy 45.3%, China 7.8%, Turkey 6.3%, Greece 5.2%, Spain 5.1%, India 4.6% (2011)
Imports: $5.219 billion (2012 est.)
Imports - commodities: machinery and equipment, foodstuffs, textiles, chemicals
Imports - partners: Italy 33%, Greece 12.2%, China 5.9%, Turkey 5.6%, Germany 4.3% (2011)