The economy of Albania went through a process of transition from a centralized economy to a market-based economy on the principles of the free market. Albania is an Upper-middle-income country and a member of the North Atlantic Treaty Organisation (NATO), World Trade Organization (WTO), Organization for Security and Co-operation in Europe(OSCE) and Organization of the Black Sea Economic Cooperation (BSEC).
Albania is an Upper-middle-income country with an economy based on the service (54.1%), agriculture (21.7%), and industrial (24.2%) sectors. The country is rich in natural resources, and the economy is mainly bolstered by agriculture, food processing, lumber, oil, cement, chemicals, mining, basic metals, hydro power, tourism, textile industry, and petroleum extraction. The strongest sectors are energy, mining, metallurgy, agriculture and tourism. Primary industrial exports are clothing, chrome, oil and refined fuels.
The tourism sector is traditionally a notable source of income of the people of the nation, particularly during the summer months, but also more recently during the winter months as well, due to an increase in popularity of snow sports such as skiing. With over 3.8 million tourists annually, tourism generates revenue in excess of â¬1,5 billion. Albania is ranked among the top 25 most popular tourist destinations in Europe, and was voted one of the world's top tourism destination in 2014 by The New York Times and Lonely Planet.