EBRD lowers Albania's 2011 GDP growth forecast to 2.5%.

By bne IntelliNews July 27, 2011
Albanias economy is expected to grow by 2.5% in 2011, the European Bank for Reconstruction and Development (EBRD) said in its updated July 2011 Regional Economic Prospects report, revising downward its outlook from 3% forecast in May. Albania will be among the fastest growing economies in Southeast Europe, preceded only by Serbia (3.3%) and Macedonia (3.1%). In 2012, however, the countrys gross domestic product is seen to accelerate to 3.1%, but still down from Mays forecast of 3.3%. The growth will be well below the SEE average of 3.7%. The economic growth will be driven by exports and industry, EBRD said adding that the country is particularly vulnerable to a serious Greek downturn. Albanias inflation is to speed up to 4.3% in 2011 from 3.5% in 2010. The countrys budget deficit will reach 4.6% of the GDP, up from 3.7% in 2010. The current account gap is projected at 11.2% of the GDP in 2011, compared to 10.1% last year. Net foreign direct investments are to fall to 5.5% of the GDP from 6.8% in 2010. IntelliNews comment : According to the July 2011 Regional Economic Prospects, published by EBRD on July 22 , Albanias economy was projected to grow by 5.1% in 2011 and by 1.9% in 2012. The financial institution has not provided an explanation for the forecast revision.
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