Albanian economy among fastest-growing in Europe

Albanian economy among fastest-growing in Europe
By bne IntelliNews June 30, 2017

Albania's economy grew by an annual 3.94% in the first quarter of 2017, based on quarterly estimations, almost the same as the 3.97% y/y growth in the previous quarter, according to data from the statistics institute on June 30.

In 2016, economic growth reached 3.46%. The World Bank estimates the Albanian economy will expand by 3.5% in 2017 and 2018. The projected figures are lower than the Albanian central bank's forecast, but still put Albania among the fastest-growing economies in Europe. 

Economic growth in Q1 was driven mainly by the construction sector, which contributed 1 percentage point (pp), the data indicated.

Only two sectors, IT and the arts, entertainment and recreation, contracted in Q1.

The financial sector posted the biggest annual growth of 15.77%, followed by the construction sector (+14.06% y/y) in Q1.

On a quarterly basis, Albania's GDP moved up by 0.74% in Q1.

A breakdown of Q1 GDP figures showed that gross fixed capital formation grew by 10.88% y/y. Household final consumption, which accounts for an important part of the total economy, went up by 1.94% y/y, while general government consumption was 7.78% higher y/y.

Exports of goods and services jumped by 12.36% y/y while imports increased 4.98% y/y in Q1.

Economic sectors  GDP growth y/y change

Q4 2016 GDP 

Q1 2017 GDP 

Agriculture, forestry, fishing

1.98%

1.14%

Extractive industry, manufacturing, energy and water supply

5.14%

4.31%

Construction

6.81%

14.06%

Trade, transport, hotels

5.73%

3.39%

Information and communications

4.29%

-2.65%

Financial activities and insurance

8.3%

15.77%

Real estate activities

-0.18%

0.5%

Professional, scientific and technical activities

2.63%

5.29%

Public administration, education, health

2.36%

4.24%

Arts, entertainment, recreation

8.83%

-0.39%

Net taxes

2.74%

4.41%

Source: INSTAT

 

 

Read in IntelliNews Pro
Get IntelliNews Pro

Related Content

Athens conditions support for Albania’s EU accession on protection for Greek minority

FDI in Emerging Europe hit by geopolitical uncertainty and German slowdown

EU Council says enlargement is a "geo-strategic investment in peace"

Data

Korean won dips to crisis levels amid US rate cuts and market volatility

The Korean won plunged to a level not seen since the global financial crisis of 2009, briefly breaching the KRW1,450 mark against the US dollar on December 19

North Macedonia's central bank lowers key interest rate by 0.25 pp to 5.55%

Policy rate lowered despite slight rise in inflation, attributed to higher food prices.

Hungarian households have joint lowest consumption levels in EU

Hungarians and Bulgarians had the lowest spending power among EU member states.

Poland’s core inflation comes in at 4.3% y/y in November

Poland’s core inflation, an indicator that measures price growth without including food and energy, picked up its expansion rate to 4.3% y/y in November after a gain of 4.1% y/y the preceding month.

Ukraine raises key interest rate to 13.5% amid rising inflation

The National Bank of Ukraine (NBU) has raised its key interest rate from 13% to 13.5% per annum, citing accelerating inflation and the need to stabilise inflation expectations.

Korean won dips to crisis levels amid US rate cuts and market volatility
9 hours ago
North Macedonia's central bank lowers key interest rate by 0.25 pp to 5.55%
22 hours ago
Hungarian households have joint lowest consumption levels in EU
1 day ago
Poland’s core inflation comes in at 4.3% y/y in November
2 days ago
Ukraine raises key interest rate to 13.5% amid rising inflation
2 days ago

Follow Us On

Most Read

  1. RAGOZIN: Does the exiled Russian opposition have a future?
    8 days ago
  2. Qatar-Turkey-Europe gas pipeline ambition could be back on following fall of Assad
    8 days ago
  3. Russian sex workers are moving to occupied Ukraine to make six figures servicing soldiers
    6 days ago
  4. Russia spent €69mn on propaganda and interference in Bulgaria and Romania, Bulgarian cybersecurity group reveals
    6 days ago
  5. COMMENT: Trump’s White House picks signal rocky start with Latin America
    9 days ago
  1. UPDATED: Syria's former president Assad arrives in Moscow
    11 days ago
  2. Russia’s economy is tougher than it looks, no chance of a crisis in the next 3-5 years – CASE
    1 month ago
  3. Russia overtakes Germany to become fifth biggest economy in the world in GDP on a PPP basis
    1 year ago
  4. EBRD warns of risks for emerging markets pursuing industrial policies
    23 days ago
  5. RAGOZIN: Does the exiled Russian opposition have a future?
    8 days ago

Reports

Dismiss