EBRD ups Albania’s 2011 GDP growth forecast to 2.6%.

By bne IntelliNews January 25, 2011
The European Bank for Reconstruction and Development (EBRD) has revised upwards its forecasts for Albanias 2011 GDP growth to 2.6% y/y from 2.2% y/y, the Bank said in its latest report. Outlook for 2010 was also improved from 3% to 3.8%, which was the highest growth rate among the SEE countries. Albanias industrial production grew strongly on the back of record levels of electricity exports last year, the Bank said. On the other hand, Albanian economy is to be the only one to slow down in the region, where average growth is forecasted to recover from a 0.4% y/y contraction in 2010 to a 1.9% y/y growth this year. Albania still remains vulnerable to a Greek downturn, as the majority of remittances into the country come from seasonal workers in Greece. We note that the International Monetary Fund (IMF) said in October, that Albanias GDP will grow by 3.2% y/y in 2011, while the World Bank cut its projection to 3.7% y/y, from its previous projection of 4% y/y.
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