Albania's economy contracted by 0.6% y/y in non-adjusted terms in the second quarter of 2014, reversing a 1.7% y/y increase in the previous quarter, the state statistical institute, INSTAT, informed. In quarterly terms, however, the economy posted a 0.4% growth from Q1, when it edged up by 0.1%.
The annual decline came as most of the economic sectors shrank in Q2 2014. The industry contracted by 1.3% y/y in the second quarter, swinging from a growth of 9.9% y/y and 9% y/y in the previous two quarters. The decline was exclusively on account of the manufacturing extracting industry, which saw a 6.6% y/y drop that was unable to be offset by a 7.6% y/y expansion in the extracting industry.
The annual decline in the construction sector deepened 22.4% in Q2 from 4.4% Q1.
On a positive sign, the agriculture output grew by 3.2% y/y, speeding up slightly from 3.1% y/y the quarter before.
Among services, which in aggregate advanced by 3% y/y, the retail trade and post and other services grew by 7.1% y/y and 4.6% y/y, respectively. On the other hand, the transport sector registered a 23.1% y/y drop and post and communication witnessed a 1% y/y fall.
|GDP breakdowns in constant prices (%, y/y)|
|Agriculture, hunting, forestry, fishing||0.4||2.2||1.6||3.1||3.2|
|Trade, hotels, restaurants||-0.3||-4.1||3.1||3.3||7.1|
|Post and communication||-10.8||-10.1||6.5||3.7||-1.0|
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