Albania's economy contracts 2.3% y/y in Q3 2013.

By bne IntelliNews January 9, 2014

Albania’s economy contracted by 2.3% y/y in non-adjusted terms in the third quarter of 2013, which was the first annual drop since Q1 2012, the state statistical institute, INSTAT, informed.

The seasonally-adjusted figures showed a 2% quarter-on-quarter decrease in Q3, following a 1.1% q/q rise in Q2.

The economic output in most of the sectors saw an annual drop in Q3 2013 with the exceptions of the agriculture. The output of the construction sector shrank by 10% y/y in Q3 2013, reversing from a 17.9% annual growth in Q2 2013. The output of the industry decreased by 4.6% y/y in Q3 ending a five-quarter rising streak. The drop was exclusively on account of the manufacturing industry that contracted by 7.1% y/y. On the other hand, extracting industry continued it upward trend, rising 6.3% y/y in Q3.

Among services, which in aggregate dropped by 2% y/y, the transport sector registered the steepest drop of 4.2% y/y, followed by the retail trade, down by 3.4% y/y and post and communications, down by 1.2% y/y.

The agriculture output grew by 2.9% y/y, as the annual growth pace remained relative unchanged from the previous quarter.

GDP breakdowns in constant prices (%, y/y)         
  Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13
Agriculture, hunting, forestry, fishing 7.4 6.0 7.0 9.5 2.5 3.0 2.9
Industry -21.3 4.8 7.9 5.8 14.5 1.1 -4.6
Construction -19.4 -19.5 -17.1 -15.3 -6.1 17.9 -10.0
Trade, hotels, restaurants 5.4 6.0 0.3 -2.3 -0.7 -2.2 -3.4
Transport -10.2 -10.9 -11.0 -6.3 -1.2 -6.2 -4.2
Post and communication -1.1 13.3 15.6 10.3 12.4 -6.4 -1.2
Other services 10.3 5.1 9.5 7.6 1.1 1.3 -0.5
FISIM 7.8 8.5 8.4 8.4 5.7 4.2 0.9
GDP  -0.3 1.9 2.3 1.1 1.9 1.7 -2.3
Source: INSTAT              

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