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 | |||||
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