Turkey keeps policy rate constant at 50%
8 hours ago
Albania's economy grew by an annual 3.94% in the first quarter of 2017, based on quarterly estimations, almost the same as the 3.97% y/y growth in the previous quarter, according to data from the statistics institute on June 30.
In 2016, economic growth reached 3.46%. The World Bank estimates the Albanian economy will expand by 3.5% in 2017 and 2018. The projected figures are lower than the Albanian central bank's forecast, but still put Albania among the fastest-growing economies in Europe.
Economic growth in Q1 was driven mainly by the construction sector, which contributed 1 percentage point (pp), the data indicated.
Only two sectors, IT and the arts, entertainment and recreation, contracted in Q1.
The financial sector posted the biggest annual growth of 15.77%, followed by the construction sector (+14.06% y/y) in Q1.
On a quarterly basis, Albania's GDP moved up by 0.74% in Q1.
A breakdown of Q1 GDP figures showed that gross fixed capital formation grew by 10.88% y/y. Household final consumption, which accounts for an important part of the total economy, went up by 1.94% y/y, while general government consumption was 7.78% higher y/y.
Exports of goods and services jumped by 12.36% y/y while imports increased 4.98% y/y in Q1.
|
Economic sectors GDP growth y/y change |
Q4 2016 GDP |
Q1 2017 GDP |
|
Agriculture, forestry, fishing |
1.98% |
1.14% |
|
Extractive industry, manufacturing, energy and water supply |
5.14% |
4.31% |
|
Construction |
6.81% |
14.06% |
|
Trade, transport, hotels |
5.73% |
3.39% |
|
Information and communications |
4.29% |
-2.65% |
|
Financial activities and insurance |
8.3% |
15.77% |
|
Real estate activities |
-0.18% |
0.5% |
|
Professional, scientific and technical activities |
2.63% |
5.29% |
|
Public administration, education, health |
2.36% |
4.24% |
|
Arts, entertainment, recreation |
8.83% |
-0.39% |
|
Net taxes |
2.74% |
4.41% |
|
Source: INSTAT |
|
|
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