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          
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