Gross Domestic Product for Albania
MKTGDPALA646NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27,177,735,527.57
Year-over-Year Change
121.92%
Date Range
1/1/1980 - 1/1/2024
Summary
This trend measures the total value of goods and services produced in Albania, providing a comprehensive indicator of the country's economic activity and performance.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
Gross Domestic Product (GDP) is the primary measure of a country's economic output. It represents the market value of all final goods and services produced within a country's borders over a specific period, typically a year. GDP is a crucial metric for policymakers and economists to assess a nation's economic health and development.
Methodology
The data is calculated by Albania's national statistical agency using internationally recognized methods.
Historical Context
GDP data is widely used to inform economic and fiscal policies, as well as to analyze market trends and make investment decisions.
Key Facts
- Albania's GDP was $15.8 billion in 2021.
- GDP per capita in Albania was $5,540 in 2021.
- Albania's GDP grew by 5.7% in 2021 after contracting in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total market value of all final goods and services produced within Albania over a given period, providing a comprehensive indicator of the country's overall economic activity and performance.
Q: Why is this trend relevant for users or analysts?
A: GDP is a crucial metric for policymakers, economists, and investors to assess a country's economic health, growth potential, and development. It informs decision-making on economic and fiscal policies, as well as investment strategies.
Q: How is this data collected or calculated?
A: The data is calculated by Albania's national statistical agency using internationally recognized methods for measuring GDP.
Q: How is this trend used in economic policy?
A: GDP data is widely used by governments, central banks, and international organizations to inform economic and fiscal policies, as well as to analyze market trends and make investment decisions.
Q: Are there update delays or limitations?
A: The GDP data for Albania may be subject to periodic revisions and updates by the national statistical agency, and there may be a lag in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product for Albania (MKTGDPALA646NWDB), retrieved from FRED.