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)|
|Agriculture, hunting, forestry, fishing||-1.1||0.4||2.2||1.6||3.1|
|Trade, hotels, restaurants||0.2||-0.3||-4.1||3.1||2.7|
|Post and communication||10.6||-10.8||-10.1||6.5||3.6|
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