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Albania’s current account gap narrows, but almost €300 mln in profits transferred abroad

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11 mins read
7 years ago
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TIRANA, Dec. 17 – Albania’s current account gap narrowed in the first three quarters of this year on the back of higher exports and energy-related investment as well as a boost in income from the emerging travel and tourism sector, but more profits generated in the country was transferred abroad rather than being reinvested at home. Data published by Albania’s central bank in its quarterly balance of payments shows all FDI, travel income and migrant remittances grew in the first three quarters of this year, when the current account, a key indicator of a country’s economic health, measuring the flow…

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Story Highlights

  • All foreign direct investment, travel income and migrant remittances grew in the first three quarters of this year, narrowing the country's current account gap, but the transfer of profits abroad hit an almost record high of around €300 million, according to Albania’s central bank

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Prof. Dr. Alaa Garad is President and Founding Partner of the Stirling Centre for Strategic Learning and Innovation, University of Stirling Innovation Park, Scotland. He is actively engaged in health tourism, higher education and organisational learning across the Western Balkans, including the Global Health Tourism Leadership Programme in Albania.

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