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          

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