Albania Business

• GDP: $10.62 billion (2007).
• Main exports: Textiles and footwear, asphalt, metals and metallic ores, crude oil and tobacco.
• Main imports: Machinery and equipment, foodstuffs, textiles and chemicals.
• Main trade partners: Italy, Greece, Germany, Bulgaria and Turkey.

Economy
Since 1998, the Albanian economy has stabilised and grown, thanks mainly to the expansion of the construction industry. An increase in tourist activity in many of the seaside resorts has helped to expand the service industry. The agricultural market, which makes up over half of GDP, has grown as production has diversified. The economy is further bolstered by remittances from Albanians abroad, mainly in Greece and Italy, which account for at least 25% of GDP.In 2007, growth was at 6%, whilst inflation was at 2.9%. Officially, the unemployment rate was 13%, but this may exceed 30%.

Business Etiquette
Punctuality is expected. Business cards are common and European practices are observed.Anyone considering investing in Albania should bear in mind the prevalence of corruption, the presence of organised crime and the weakness of the judicial system; and seek the advice of the commercial attaché at their embassy in Tirana.Office hours: Civil servants work Mon-Fri 0830-1300 and then 1430-1800 (finishing earlier on Fridays). Private companies tend to keep more traditionally Albanian hours, from 0800 or 0830 to 1500. Offices are closed on Saturdays and Sundays.

Business Contacts

Tirana Chamber of Commerce and Industry (Dhoma e Tregtisë dhe Industrisë Tiranë)
Rruga e Kavajës 6, Tirana, Albania
Tel: (04) 230 284.
Website: www.cci.gov.al

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