TIRANA, October 25
With a current GDP per capita of $5,260 Albania ranks last among the European countries, excluding the former Soviet republics, the World Economic Outlook, October 2018 report by the International Monetary Fund (IMF) says.
Albania jumped four places compared to the previous year as it ranks 102nd in a list of 191 countries. In the meantime, Kosovo ranks 112th with a $4,324 GDP per capita.
“GDP per capita is the national income per person, the share of national income generated or goods and services produced by one person. It is a direct measure of productivity and an indirect measure of living standards. It is calculated by dividing a country’s GDP by its total population.”
In terms of regional ranking, Montenegro has the highest GDP per capita, $8,644. Serbia ranks 88th with #6,815, Macedonia ranks95th with a $5,953 GDP per capita while Bosnia and Herzegovina rank 100 with #5,704. Yet, none of the countries in the region has a GDP per capita higher over $10,000.
Despite the geographic location and the numerous natural resources, Albania has been struggling for years in terms of the economic growth pace. If compared to the other countries of the region and the European Union (EU) Albania and Kosovo are the poorest.
In the meantime, the countries with the highest GDP per capita are Luxembourg, Switzerland, and Norway respectively at $114,000, $83,000, and $82,000.
News Source/Photo Credit: IMF