Albania's economy contracts by 0.6% y/y in Q2 2014

By bne IntelliNews October 7, 2014

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)     
  Q2/13 Q3/13 Q4/13 Q1/14 Q2/14
Agriculture, hunting, forestry, fishing 0.4 2.2 1.6 3.1 3.2
Industry 17.4 -3.0 9.9 9.0 -1.3
Construction 20.0 -11.0 2.0 -4.4 -22.4
Trade, hotels, restaurants -0.3 -4.1 3.1 3.3 7.1
Transport -7.9 -5.8 -29.0 -24.9 -23.1
Post and communication -10.8 -10.1 6.5 3.7 -1.0
Other services -1.3 0.9 1.9 1.2 4.6
GDP 3.6 -2.3 2.2 1.7 -0.6
Source: INSTAT          

Related Articles

Albanian left-wing parties unite behind ruling Socialists ahead of election

Small Albanian left-wing parties have withdrawn their registrations to stand in the June 25 general election so that all their support goes to the governing Socialist Party (SP) led by Prime Minister ... more

Six Albanian ministers to leave their posts under deal between government and opposition

Six ministers in Albania’s Socialist-led government will be replaced with technical ministers as part of the agreement reached between Prime Minister Edi Rama and opposition leader Lulzim ... more

Albania postpones general election by one week to June 25

Albania will now hold a general election on June 25 instead of June 18, following the agreement reached between  Prime Minister Edi Rama from the Socialist Party and the leader of ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss