Albania's economic growth slows to 1.7% y/y in Q1 2013

By bne IntelliNews July 8, 2013

Albania’s GDP expanded by 1.7% y/y in non-adjusted terms in the first quarter of 2013, slowing down from a 1.8% annual growth in the previous quarter, the state statistical institute, INSTAT, informed.

The seasonally-adjusted figures showed a 0.7% quarter-on-quarter increase in Q1 following a 0.8% q/q drop in Q4 2012.

The economic output in most of the sectors saw an annual increase in Q1 2013 with the exceptions of the transport, retail trade and construction sectors.

The output of the industry increased by 14.8% y/y in Q1, speeding up from a 4.6% y/y rise in the previous quarter. The growth was supported by a good performance of both manufacturing and extracting industries, which advanced by 10.1% y/y and 35.2% y/y, respectively. The agriculture output grew by 2.1% y/y.

Among services, which edged up 0.9% y/y, the post and communications sector increased by 15.4% y/y and other services advanced by 1.3% y/y. The growth in these two sectors more than offset the 2.1% y/y decline in retail trade and the 2.9% y/y contraction in the transport sector, which extended its downward trend from the past five quarters. Similarly, the output of the construction sector decreased for a fifth quarter in a row - by 4.8% y/y in Q1 2013.

GDP breakdowns in constant prices (%, y/y)     
  Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
Agriculture, hunting, forestry, fishing 7.4 6.0 7.0 9.5 2.1
Industry -21.2 4.9 11.8 4.6 14.8
Construction -19.4 -19.5 -17.1 -15.3 -4.8
Trade, hotels, restaurants 5.4 6.0 0.3 -2.3 -2.1
Transport -10.2 -10.9 -11.0 -6.3 -2.9
Post and communication -2.7 10.8 21.8 23.9 15.4
Other services 10.3 5.1 9.5 7.6 1.3
FISIM 7.8 8.5 8.4 8.4 5.6
GDP  -0.4 1.8 3.0 1.8 1.7
Source: INSTAT          

Related Articles

Albanian hospital directors resign en masse after PM slams healthcare management

Over half of Albania’s hospital directors have reportedly resigned after Prime Minister Edi Rama slammed the quality of management in the healthcare system in a recent speech.  As he ... more

Albania appeals to Greece for help as wildfires threaten national park

Tirana called on Greece’s emergency services for help on August 3 as wildfires raged out of control in several parts of the country.  Albania, along with fellow Western Balkan states ... more

Albanian stock exchange expected to launch in autumn 2017

Albania’s first private stock exchange is expected to be operational soon, most probably this autumn, after it was licensed by the financial supervisory authority, AMF, earlier in July. The ... more