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

Albanian oil firm Gulf reportedly under investigation for money laundering

Officials from oil distribution company Gulf Albania are under investigation for money laundering, media in Tirana reported on April 22. The owner of the group is Alexandre Gogokhia, a ... more

Albania wants to attract more US defence sector investments

Albanian Defense Minister Olta Xhacka said that Tirana wants more investments by the US military industry in Albania, after a US company launched work on the installation of the Integrated ... more

Bulgaria’s Borissov appeals to Western Balkan leaders to preserve peace

Boyko Borissov, prime minister of the current EU Council chair Bulgaria, called on April 10 on the leaders of the Western Balkan countries to preserve peace and ... more