It will take decades for Albania to reach the economic standards of the European Union if hypothetically the EU economy stops growing and the Albanian economy continues with the pre-crisis rates, 2-3% per year. 

Eurostat published Wednesday that Albania's GDP per capita in 2019 was 31% of the EU average, ranking our country with the weakest economic potential in Europe. 

Figures show in that 2019, after Luxembourg, Ireland recorded the highest level of GDP per capita in the 27 EU member states with 93% above average. On the other hand, Albania comes with the lowest level of GDP per capita, with only 31% of the EU average. In the member states, the poorest country is Bulgaria with GDP per capita as much as 47% of the EU average. 

Unlike consumption, GDP per capita differences were stronger among European countries. Luxembourg has by far the highest GDP per capita among the 37 countries included in this comparison, more than two and a half times above the EU average. This is partly explained by the fact that a large number of foreign residents are employed in the country and thus contribute to its GDP, while they are not included in the resident population.

Ireland ranks second among EU Member States, with 93% above the EU average, followed by Denmark, the Netherlands, Austria and Germany, each with a GDP per capita more than 20% above average. Switzerland, Norway and Iceland have a per capita GDP level of 58%, 47% and 26% above the EU average, respectively. 

Sweden, Belgium, Finland and France are the other EU member states with GDP per capita above the EU average, followed by the United Kingdom. 

On the other hand Malta, Italy, the Czech Republic and Spain have a GDP per capita level less than 10% below the EU average. 

Cyprus, Slovenia, Estonia and Lithuania have a GDP per capita between 10% and 20% below the EU average. The GDP per capita of Portugal, Hungary and Poland is less than 30% below average, while Slovakia and Romania have a per capita GDP of 30% below average. 

Latvia, Greece, Croatia and candidate countries Turkey and Montenegro have a GDP per capita below 40% of the average. 

Bulgaria ranks 47% below the EU-27 average, followed by candidate countries Serbia, North Macedonia, Bosnia and Herzegovina (potential candidate country) and Albania. The latter has the highest gap of 69% of the average GDP per capita in the EU.

(Source: Monitor)