Albania's economy expanded by an annual 4.45% in the first quarter of 2018, speeding up from a 3.36% y/y increase in the previous quarter, according to an estimate from the statistics institute Instat released on June 29.
Albania's economy grew by an annual 3.84% in 2017.Currently, Albania is enjoying one of the fastest economic growth rates in the region. The World Bank recently projected that Albania’s economy will grow by 3.6% in 2018 and by 3.5% in 2019 and 2020.
Economic growth in Q1 was driven mainly by industry, electricity and water supply sector, which contributed 2.42 percentage points (pp), followed by trade, transport, accommodation and food service sector (+0.54 pp), agriculture, forestry and fishing (+0.37 pp), professional and administrative services (+0.30 pp) and public administration, education and health (+0.28 pp), data indicated.
The mining and quarrying sector sector posted the biggest annual growth of 19.9% in Q1.
Two sectors – information and communication as well as financial activities – contracted y/y in the first quarter, by 2.99% and 1.16% respectively.
Construction continued to slow down significantly in Q1, rising by only 2.1%, following strong growth in the first two quarters of 2017 of 14.06% and 22.68%, respectively.
On a quarterly basis, Albania's GDP went up by 1.15% in Q1, after edging up 0.65% q/q in Q4 2017.
A breakdown of Q1 GDP figures showed that gross fixed capital formation went up by 5.43% y/y. Household final consumption, which accounts for an important part of the total economy, increased by 2.97% y/y, while general government consumption rose by 2.59 y/y.
Exports of goods and services moved up by 5.02% y/y while imports jumped 8.21% y/y in Q1.
Economic sectors GDP growth y/y change |
Q2 2017 GDP |
Q3 2017 GDP |
Q4 2017 GDP |
Q1 2018 GDP |
Agriculture, forestry, fishing |
0.13% |
0.52% |
0.72% |
1.93% |
Mining and quarrying, manufacturing, energy and water supply |
6.05% |
-1.12% |
3.65% |
19.9% |
Construction |
22.68% |
7.64% |
4.29% |
2.1% |
Trade, transport, hotels |
3.54% |
5.03% |
3.96% |
3.75% |
Information and communications |
2.04% |
3.54% |
-6.53% |
-2.99% |
Financial activities and insurance |
10.60% |
6.75% |
11.24% |
-1.16% |
Real estate activities |
0.93% |
-0.36% |
2.64% |
0.01% |
Professional, scientific and technical activities |
-2.31% |
3.44% |
4.14% |
5.54% |
Public administration, education, health |
4.27% |
8.43% |
5.6% |
2.1% |
Arts, entertainment, recreation |
-4.57% |
6.73% |
4.3% |
4.3% |
Net taxes |
2.2% |
4.45% |
4.1% |
3.0% |
Source: INSTAT |
|
|
|
|