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

Wiretapped conversations link Albania’s ex-interior minister to drug traffickers

Former Albanian interior minister Saimir Tahiri has been accused of links with drug traffickers after his name was mentioned in a series of wiretapped recordings revealed by Italian media on October ... more

New parliamentary dress code to rein in Albania’s sneaker loving PM

Albanian Prime Minister Edi Rama will have to change his sartorial ways when he attends parliament sessions under a new code of conduct for MPs drawn up by the governing Socialist Party.  The ... more

Albania a "centre of organised crime" says US ambassador

The US ambassador in Albania Donald Lu has urged the authorities in Tirana to fight against organised crime, which he said was the biggest and most difficult challenge ahead for the country. ... more

Dismiss