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Economy of Albania vs Luxembourg compared: GDP & Debt

Updated on by Georank team

Albania has a GDP of $27B compared to $93.3B for Luxembourg, ranking 112/197 and 74/197 by economy size, respectively.

Albania has $15.2B in government debt (56% of GDP), compared to $24.5B (26.3% of GDP) in Luxembourg.

Albania vs Luxembourg GDP by year

Albania
Luxembourg
1x
Year GDP, current $
Albania Luxembourg
2024 $27,046,429,297 $93,279,851,863
2023 $23,491,242,727 $88,788,881,539
2022 $19,017,247,014 $80,801,680,397
2021 $18,031,989,573 $86,386,759,695
2020 $15,241,458,745 $73,670,782,100
2019 $15,585,111,614 $69,872,035,114
2018 $15,379,508,330 $71,085,623,495
2017 $13,258,268,436 $65,712,180,343
2016 $11,988,668,785 $62,216,885,436
2015 $11,470,171,827 $60,071,584,216
2014 $13,296,322,588 $68,804,811,898
2013 $12,796,985,886 $65,203,276,467
2012 $12,246,499,748 $59,776,383,527
2011 $12,973,755,875 $61,696,281,326
2010 $12,086,545,641 $56,213,985,987
2009 $12,335,540,656 $54,467,289,898
2008 $13,258,506,375 $58,844,277,702
2007 $11,116,937,870 $51,587,401,416
2006 $9,150,528,132 $42,910,146,296
2005 $8,256,658,250 $37,672,280,120
2004 $7,406,645,793 $35,064,843,793
2003 $5,801,712,040 $29,667,268,248
2002 $4,515,003,117 $23,649,833,332
2001 $4,059,064,033 $21,387,533,703
2000 $3,584,570,165 $21,230,182,989
1999 $3,283,941,510 $21,899,317,599
1998 $2,600,356,999 $20,150,053,345
1997 $2,293,666,030 $19,563,836,265
1996 $3,234,486,232 $20,895,314,658
1995 $2,905,092,799 $20,853,093,870
1994 $1,880,950,864 $17,701,798,891
1993 $1,185,315,468 $15,925,521,222
1992 $652,174,991 $15,518,702,635
1991 $1,099,559,028 $13,834,219,728
1990 $2,028,553,750 $12,778,792,854
1989 $2,253,090,000 $10,037,674,038
1988 $2,051,236,250 $9,418,167,855
1987 $2,080,796,250 $8,320,902,215
1986 $2,097,326,250 $6,685,595,088
1985 $1,897,050,117 $4,577,211,767
1984 $1,857,337,995 $4,438,435,493
1983 $1,881,412,587 $4,524,217,751
1982 $1,861,163,170 $4,602,316,793
1981 $1,808,177,156 $5,053,665,797
1980 $1,578,102,105 $6,019,805,490
1979 - $5,516,982,664
1978 - $4,718,539,772
1977 - $3,789,321,328
1976 - $3,423,586,207
1975 - $3,123,333,333
1974 - $3,183,637,117
1973 - $2,609,875,802
1972 - $1,901,697,370
1971 - $1,518,773,421
1970 - $1,457,768,455
1969 - $1,245,432,991
1968 - $1,075,561,623
1967 - $983,052,315
1966 - $976,717,015
1965 - $929,477,285
1964 - $910,877,686
1963 - $797,902,154
1962 - $747,846,862
1961 - $710,163,719
1960 - $709,941,874

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/albania/luxembourg | CC BY

GDP per capita in Albania vs Luxembourg by year

Albania
GDP per capita

GDP per capita, PPP
Luxembourg
GDP per capita

GDP per capita, PPP
1x
Year Current $
Albania Luxembourg
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $11,378 $26,702 $137,782 $155,941
2023 $9,731 $24,822 $133,231 $150,508
2022 $7,757 $22,138 $123,720 $146,919
2021 $7,242 $18,213 $134,966 $136,772
2020 $6,028 $16,288 $116,860 $122,067
2019 $6,069 $16,442 $112,697 $121,372
2018 $5,898 $15,055 $116,927 $116,638
2017 $5,006 $14,111 $110,193 $114,986
2016 $4,458 $13,056 $106,899 $113,365
2015 $4,200 $12,387 $105,462 $107,860
2014 $4,794 $11,788 $123,679 $105,296
2013 $4,543 $10,882 $120,000 $100,925
2012 $4,281 $10,609 $112,585 $96,636
2011 $4,466 $10,273 $119,025 $94,475
2010 $4,149 $9,755 $110,886 $90,336
2009 $4,214 $9,031 $109,420 $86,919
2008 $4,499 $8,469 $120,422 $90,971
2007 $3,743 $7,585 $107,475 $85,126
2006 $3,058 $6,753 $90,789 $78,861
2005 $2,742 $6,014 $80,988 $68,788
2004 $2,447 $5,595 $76,545 $64,686
2003 $1,909 $5,169 $65,689 $60,192
2002 $1,480 $4,840 $53,006 $58,576
2001 $1,326 $4,451 $48,440 $56,136
2000 $1,160 $3,978 $48,660 $55,136
1999 $1,056 $3,549 $50,872 $49,845
1998 $831 $3,086 $47,445 $44,270
1997 $729 $2,760 $46,642 $42,488
1996 $1,021 $3,054 $50,444 $39,722
1995 $911 $2,777 $51,032 $38,345
1994 $586 $2,385 $43,933 $37,551
1993 $367 $2,143 $40,067 $35,899
1992 $200.9 $1,899 $39,571 $34,108
1991 $337 $1,989 $35,747 $33,191
1990 $617 $2,656 $33,465 $29,949
1989 $698 - $26,618 -
1988 $653 - $25,219 -
1987 $675 - $22,443 -
1986 $694 - $18,150 -
1985 $640 - $12,482 -
1984 $639 - $12,127 -
1983 $662 - $12,374 -
1982 $668 - $12,591 -
1981 $663 - $13,837 -
1980 $591 - $16,531 -
1979 - - $15,204 -
1978 - - $13,034 -
1977 - - $10,486 -
1976 - - $9,491 -
1975 - - $8,701 -
1974 - - $8,967 -
1973 - - $7,447 -
1972 - - $5,487 -
1971 - - $4,435 -
1970 - - $4,298 -
1969 - - $3,690 -
1968 - - $3,203 -
1967 - - $2,935 -
1966 - - $2,925 -
1965 - - $2,804 -
1964 - - $2,779 -
1963 - - $2,462 -
1962 - - $2,332 -
1961 - - $2,241 -
1960 - - $2,261 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/albania/luxembourg | CC BY

Albania's GDP per capita is $11,378, ranking 82/197, compared to $137,782 in Luxembourg, ranking 3/197. Adjusted for purchasing power (GDP per capita PPP), Albania ranks 79th at $26,702, while Luxembourg ranks 1st at $155,941.

Economic indicators

Albania Luxembourg
Gross domestic product
$27B
2024
$93.3B
2024
GDP rank
112/197
2024
74/197
2024
GDP growth
4.05%
2023-2024
0.36%
2023-2024
GDP per capita
$11,378
2024
$137,782
2024
GDP per capita rank
82/197
2024
3/197
2024
GDP per capita, PPP
$26,702
2024
$155,941
2024
GDP per capita PPP rank
79/197
2024
1/197
2024
Government debt
$15.2B
2024
$24.5B
2024
Debt-to-GDP ratio
56%
2024
26.3%
2024
Government debt per person
$6,375
2024
$36,221
2024
Government debt per person rank
72/185
2024
19/185
2024
Average annual personal income after taxes
$9,075
2026
$69,593
2026
Market capitalization of domestic companies n/a
$41.9B
2024
Number of billionaires
1
2025
1
2025
Income share by richest 10%
22.8%
2020
25%
2023
Income share by poorest 10%
3.4%
2020
2.8%
2023
Government expenditure, % of GDP
28.9%
2024
46.9%
2024
Consumer prices inflation
2.2%
2023-2024
2.05%
2023-2024
Central bank interest rate
2.5%
2025
n/a
Unemployment rate
10.7%
2023
6.42%
2024
Population
2342753
693885

Spending and national debt comparison by year

Albania
Spending

Debt
Luxembourg
Spending

Debt
1x
Year % of GDP
Albania Luxembourg
Government spending Government debt Government spending Government debt
2024 28.9% 56% 46.9% 26.3%
2023 28.5% 58% 46.4% 24.7%
2022 30.3% 65.2% 44.3% 24.9%
2021 31.9% 74.8% 42.4% 24.2%
2020 32.4% 75.4% 47% 24.5%
2019 28.8% 66.6% 43.1% 22.3%
2018 28.7% 68.5% 42.3% 20.9%
2017 29.2% 71.9% 41.3% 21.8%
2016 29.1% 73.3% 40% 19.6%
2015 30.8% 73.7% 40.4% 21.1%
2014 31.7% 72% 40.6% 21.9%
2013 29.2% 70.4% 41.2% 22.4%
2012 28.2% 62.1% 41.8% 20.8%
2011 28.9% 59.4% 41.5% 18.5%
2010 29.4% 57.7% 42% 19.1%
2009 32.7% 59.7% 42.7% 15.3%
2008 31.7% 55.1% 37.9% 14.6%
2007 29.3% 53.6% 37.4% 8.09%
2006 29.2% 56.7% 39.4% 8.21%
2005 28.9% 58.2% 43.4% 7.95%
2004 30.2% 57.5% 43.7% 7.83%
2003 29.7% 60.2% 43.3% 7.43%
2002 31.5% 64.1% 41.8% 7.45%
2001 32.7% 60.6% 38.1% 7.62%
2000 33.8% 63.8% 38% 7.49%
1999 37.1% 68.2% 41.7% 8.39%
1998 36.8% 71.2% 43.9% 9.51%
1997 30.3% 72.2% 44.2% 10.1%
1996 - - 42.5% 10.2%
1995 - - 42% 10.3%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20).

GeoRank.org/economy/albania/luxembourg | CC BY

In 2024, Albania's government spending was $7.83B, accounting for 28.9% of its GDP, while Luxembourg spent $43.7B, or 46.9% of GDP.

Debt-to-GDP ratio is 56% in Albania and 26.3% in Luxembourg, ranking 94/185 and 162/185, respectively.

Government deficit by year

Deficit/surplus
Albania

Luxembourg
1x
Year Deficit/surplus, % of GDP
Albania Luxembourg
2024 -0.72% 1.03%
2023 -1.32% -0.78%
2022 -3.64% 0.18%
2021 -4.57% 1%
2020 -6.67% -3.09%
2019 -1.92% 2.68%
2018 -1.6% 3.17%
2017 -1.41% 1.37%
2016 -1.5% 1.89%
2015 -4.32% 1.3%
2014 -5.46% 1.33%
2013 -5.22% 0.84%
2012 -3.44% 0.5%
2011 -3.52% 0.65%
2010 -3.52% -0.26%
2009 -6.59% -0.21%
2008 -4.88% 3.37%
2007 -3.18% 4.35%
2006 -3.26% 1.9%
2005 -3.46% -0.21%
2004 -5.16% -1.39%
2003 -5.01% 0.28%
2002 -6.21% 2.03%
2001 -6.84% 5.62%
2000 -7.77% 5.55%
1999 -8.84% 3.24%
1998 -9.93% 2.98%
1997 -11.9% 2.65%
1996 - 2.37%
1995 - 2.71%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20).

GeoRank.org/economy/albania/luxembourg | CC BY

In 2024, Albania's government deficit, the difference between spending and revenue, was $196M, equivalent to 0.72% of GDP. This compares to Luxembourg's surplus of $961M, or 1.03% of GDP.

Over the past 28 years, Albania recorded a fiscal deficit in 28 of those years, while Luxembourg ran a deficit in 6 years. On average, Albania posted an annual deficit equal to 4.71% of GDP, compared to surplus of 1.5% of GDP for Luxembourg.

Inflation comparison by year

Inflation
Albania

Luxembourg
1x
Year Consumer prices inflation
Albania Luxembourg
2024 2.2% 2.05%
2023 4.8% 3.74%
2022 6.7% 6.34%
2021 2% 2.53%
2020 1.6% 0.82%
2019 1.4% 1.74%
2018 2% 1.53%
2017 2% 1.73%
2016 1.3% 0.29%
2015 1.9% 0.47%
2014 1.6% 0.63%
2013 1.9% 1.73%
2012 2% 2.66%
2011 3.4% 3.41%
2010 3.6% 2.27%
2009 2.2% 0.37%
2008 3.3% 3.4%
2007 3% 2.31%
2006 2.4% 2.67%
2005 2.4% 2.49%
2004 2.9% 2.23%
2003 2.4% 2.05%
2002 5.2% 2.07%
2001 3.1% 2.66%
2000 0% 3.15%
1999 0.4% 1.03%
1998 20.6% 0.96%
1997 33.2% 1.37%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/albania/luxembourg | CC BY

Over the past 28 years, Albania has recorded an average annual inflation rate of 4.27%, compared with 2.1% in Luxembourg. In 2024, inflation was 2.2% in Albania and 2.05% in Luxembourg.

Top exports between countries

Albania
Export category Export value
Machinery & equipment $6.16M
Transport & tourism services $5.95M
Textiles & consumer goods $2.25M
Business & finance services $2.13M
IT & IP services $591K
Processed food, beverages & tobacco $128K
Raw materials & minerals $47K
Miscellaneous $34K
Raw agricultural goods $24K
Chemicals & pharma $16K
Luxembourg
Export category Export value
Chemicals & pharma $357K
Processed food, beverages & tobacco $187K
Machinery & equipment $163K
Textiles & consumer goods $130K
Raw materials & minerals $65K
Miscellaneous $9K
Wood & paper products $1K

Balance of trade

Albania Luxembourg
Current account balance
-$648M
2024
$4.1B
2024
Current account balance ranking
112/190
2024
35/190
2024
Current account balance, % of GDP
-2.4%
2024
+4.4%
2024
Goods imports
$7.87B
2024
$29.4B
2024
Goods exports
$1.82B
2024
$31.3B
2024
Service imports
$3.83B
2024
$117B
2024
Service exports
$8.03B
2024
$150B
2024
Imports of goods and services, % of GDP
43.2%
2024
159.7%
2024
Exports of goods and services, % of GDP
36.3%
2024
191.5%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Albania Luxembourg
Economic freedom 68 79.7
Economic freedom ranking 50/197 7/197
Property rights 57.6 96.6
Government integrity 41.9 88.7
Judicial effectiveness 59.9 99.1
Tax burden 89.3 62.3
Government spending 74.3 36.9
Fiscal health 88 98.6
Business freedom 76.6 89.5
Labor freedom 46.2 56.7
Monetary freedom 78.6 74.1
Trade freedom 83 79.4
Investment freedom 60 95
Financial freedom 60 80

Economic freedom comparison by year

Albania
Luxembourg
1x
Year Economic freedom index
Albania Luxembourg
2026 68 79.7
2025 66.6 79.5
2024 64.8 79.2
2023 65.3 78.4
2022 66.6 80.6
2021 65.2 76
2020 66.9 75.8
2019 66.5 75.9
2018 64.5 76.4
2017 64.4 75.9
2016 65.9 73.9
2015 65.7 73.2
2014 66.9 74.2
2013 65.2 74.2
2012 65.1 74.5
2011 64 76.2
2010 66 75.4
2009 63.7 75.2
2008 62.4 74.7
2007 61.4 74.6
2006 60.3 75.3
2005 57.8 76.3
2004 58.5 78.9
2003 56.8 79.9
2002 56.8 79.4
2001 56.6 80.1
2000 53.6 76.4
1999 53.4 72.4
1998 53.9 72.7
1997 54.8 72.8
1996 53.8 72.5
1995 49.7 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/albania/luxembourg | CC BY

The Economic Freedom Index for Albania is 68, ranking 50/197, compared to 79.7 for Luxembourg, ranking 7/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Albania Luxembourg
Services, % of GDP
48.7%
2024
81.2%
2024
Industry, % of GDP
22.4%
2024
9.66%
2024
Agriculture, forestry, and fishing, % of GDP
15.5%
2024
0.21%
2024
GNI, Atlas method
$23.6B
2024
$57.3B
2024
GNI per capita, PPP
$26,500
2024
$110,650
2024
Total reserves including gold
$6.52B
2024
$2.79B
2024
Total reserves ranking
89/177
2024
119/177
2024
Net foreign direct investment
-$1.45B
2024
$21.4B
2024
Net inflows of foreign direct investment
$1.71B
2024
$106B
2024
Net outflows of foreign direct investment
$261M
2024
$109B
2024
Servicing debt to the IMF, % of GNI
3.25%
2024
n/a
Poverty at national poverty lines
19.7%
2022
17.3%
2021
Gross capital formation, % of GDP
25%
2024
15.8%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/albania/luxembourg | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2020–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.