Albania's economic growth slows to 1.1% y/y in Q2 2013.

By bne IntelliNews October 7, 2013

Albania’s GDP expanded by 1.1% y/y in non-adjusted terms in the second quarter of 2013, slowing down from a 1.7% annual growth in the first three months of the year, the state statistical institute, INSTAT, informed.

The seasonally-adjusted figures showed a 1% quarter-on-quarter increase in Q2 following a 0.1% q/q rise in Q1.

The economic output in most of the sectors saw an annual increase in Q2 2013 with the exceptions of the services.

The output of the industry increased by 1.3% y/y in Q2, easing from a 14.4% y/y rise in the previous quarter. The growth was supported by a good performance of the extracting industry, which advanced by 20% y/y, while the manufacturing witnessed a 2.8% y/y drop. The agriculture output grew by 3% y/y.

The output of the construction sector increased by 16% y/y in Q2 2013, registering its first annual growth in six quarters.

Among services, which in aggregate dropped by 2.1% y/y, the transport sector dropped for the sixth quarter in a row, shrinking by 5.3% y/y in Q2. The post and communications sector reversed to a 4.6% y/y decline after growing at a double digit pace in the previous four quarters. Moreover, retail trade contracted by 2.8% y/y in Q2 2013.

GDP breakdowns in constant prices (%, y/y)     
  Q2/12 Q3/12 Q4/12 Q1/13 Q2/13
Agriculture, hunting, forestry, fishing 6.0 7.0 9.5 2.5 3.0
Industry 4.8 11.7 4.6 14.4 1.3
Construction -19.5 -17.1 -15.3 -6.2 16.0
Trade, hotels, restaurants 6.0 0.3 -2.3 -1.7 -2.8
Transport -10.9 -11.0 -6.3 -1.2 -5.3
Post and communication 10.8 21.8 23.9 15.7 -4.6
Other services 5.1 9.5 7.6 1.2 -0.4
FISIM 8.5 8.4 8.4 5.7 4.2
GDP  1.8 3.0 1.8 1.7 1.1
Source: INSTAT          

Related Articles

Albanian opposition party splits after disastrous election performance

Members of Albania’s main opposition Democratic Party (DP) that have been excluded from the party by its leader Lulzim Basha plan to establish a new political movement, local media reported on ... more

Albania's new government to make drastic job cuts in public administration

The new Albanian cabinet plans to drastically slash the number of employees in the public administration to make it more efficient. Prime Minister Edi Rama recently ... more

Dozens of ethnic Greeks arrested in Albania's Himara

Tensions in Himara, a coastal city in southern Albania, have risen after dozens of members of the Greek minority in the area were detained. The arrests were reportedly made after residents were ... more