Albania's economic growth eases to 1.6% y/y in Q1 2014

By bne IntelliNews July 8, 2014

Albania’s economy expanded by 1.6% y/y in non-adjusted terms in the fist quarter of 2014, easing from a 2.2% annual increase in the previous quarter, the state statistical institute, INSTAT, informed. In quarterly comparison, the growth rate also slowed down to 0.2% q/q in Q1 from 0.7% q/q in Q4 2013.

Most of the economic sectors witnessed an annual increase in Q1 2014. The growth in the industry sector slowed down to 8.2% y/y from 9.9% y/y in the previous quarter. The increase was exclusively on account of the extracting industry, which saw a notable 41.6% y/y growth, while the manufacturing industry contracted by 9.9% y/y.

The construction sector swung to a 5.3% y/y drop in Q1 from a 2% y/y rise in Q4 2013.

The agriculture output grew by 3.1% y/y as the annual growth pace speeded up from 1.6% y/y the previous quarter.

Among services, which in aggregate advanced by 0.6% y/y, the retail trade and post and communications advanced by 2.7% y/y and 3.6% y/y, respectively. On the other hand, the transport sector registered a 25% y/y drop.

GDP breakdowns in constant prices (%, y/y)     
  Q1/13 Q2/13 Q3/13 Q4/13 Q1/14
Agriculture, hunting, forestry, fishing -1.1 0.4 2.2 1.6 3.1
Industry 12.4 17.4 -3.0 9.9 8.2
Construction -1.5 20.0 -11.0 2.0 -5.3
Trade, hotels, restaurants 0.2 -0.3 -4.1 3.1 2.7
Transport -6.1 -7.9 -5.8 -29.0 -25.0
Post and communication 10.6 -10.8 -10.1 6.5 3.6
Other services 2.1 -1.3 0.9 1.9 2.0
GDP 2.0 3.6 -2.3 2.2 1.6
Source: INSTAT          

Related Articles

Freedom House keeps “partly free” status for Macedonia despite new government’s efforts

Macedonia was rated only “partly free” in the latest report from international watchdog Freedom House, the same almost all of the six Western Balkan countries, despite efforts by the ... more

Albania’s central bank to issue new high-denomination banknote

The Albania’s central bank has announced it will issue a new ALL10,000 (€74.9) banknote. The new ALL10,000 banknote will have the highest value issued so far, as the current biggest value ... more

Citizens to get "same information as MPs" as Albania launches new e-governance app

Albanian Prime Minister Edi Rama presented a new online platform for co-governance with citizens entitled “Albania We Want” on October 28. Ensuring functional and responsible ... more