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Albania: Selected Economic Indicators
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1996
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1997
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1998
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1999
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Est.
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(Percent change)
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Real GDP
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9.1
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-7.0
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8.0
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7.3
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Retail prices (avg.)
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12.7
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32.1
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20.9
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0.4
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Retail prices (end-period)
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17.4
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42.1
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8.7
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-1.0
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(In percent of GDP)
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Fiscal sector
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Revenues
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18.6
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16.9
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20.3
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21.3
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Expenditures
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30.3
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29.4
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30.7
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32.6
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Overall balance
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11.7
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-12.6
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-10.4
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-11.3
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Domestically financed balance 1/
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10.6
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-10.5
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-6.4
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-5.2
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Public Debt
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59.9
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68.9
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60.1
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62.1
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Domestic 2/
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30.7
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35.8
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32.9
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36.5
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External
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29.2
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33.1
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27.2
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25.5
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Monetary indicators
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Broad money growth (in percent)
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43.8
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28.5
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20.7
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22.3
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Interest rate (3-mth deposits)
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18.5
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26.0
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16.5
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8.5
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(In millions of U.S. Dollars)
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External sector
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Trade balance 3/
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-692
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-519
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-621
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-663
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(in percent of GDP)
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-25.7
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-22.7
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-20.4
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-18.0
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Current account balance 4/
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-245
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-276
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-187
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-294
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Gross international reserves
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275
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306
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384
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481
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(in months of imports of goods and service)
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3.1
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3.8
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4.2
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4.9
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Memorandum items
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Nominal GDP (in millions of lek)
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224,745
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341,716
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460,631
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506,205
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Nominal GDP (in millions of U.S. dollars)
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2,422
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2,284
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3,046
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3,676
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Sources: Albanian authorities and IMF staff estimates and projections.
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1/ Excluding privatization revenues.
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2/ Including bonds for bank restructuring (Lek 7 bn for 1999; Lek 15 bn for 2000).
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3/ For 1999 excluding imports of direct humanitarian aid related to the Kosovo crisis.
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4/ Including official transfers.
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1On November 22, 1999, the IMF's concessional facility for low-income countries, the Enhanced Structural Adjustment Facility (ESAF), was renamed the Poverty Reduction and Growth Facility (PRGF), and its purposes were redefined. It is intended that PRGF-supported programs will in time be based on country-owned poverty reduction strategies adopted in a participatory process involving civil society and development partners, and articulated in a poverty reduction strategy paper (PRSP). This is intended to ensure that each PRGF-supported program is consistent with a comprehensive framework for macroeconomic, structural, and social policies to foster growth and reduce poverty. At this time for the Kyrgyz Republic, work is beginning on a participatory process, including a government sponsored workshop in February, and subsequent to this an interim PRSP will be developed. It is understood that all policy undertakings in the interim PRSP beyond the first year are subject to reexamination and modification in line with the strategy that is to be elaborated in the PRSP. Once completed and broadly endorsed by the Executive Boards of the IMF and World Bank, the PRSP will provide the policy framework for future reviews under this PRGF arrangement. PRGF loans carry an interest rate of 0.5 percent a year, and are repayable over 10 years with a 5 ½-year grace period on principal payments.
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