IMF keeps Albania’s 2014 GDP growth estimate at 2.1%

By bne IntelliNews October 8, 2014

Albania economic growth is expected to speed up to 2.1% y/y in 2014 from 0.4% in 2013, the IMF said in the October 2014 edition of its World Economic Outlook. The fund has kept the forecast unchanged since October 2013.

Next year Albania's economy will further gain speed posting a 3.3% y/y growth.

The average annual inflation in the country is forecast to slightly ease to 1.8% y/y in 2014 from 1.9% y/y in 2013 before accelerating to 3% in 2015.

The IMF sees Albania's current account deficit widening to 11% of GDP in 2014 from 10.4% last year. The gap should further expand to 12.7% of economic output in 2015.

Albania’s economy will expand at a weaker rate than the average for the European emerging economies, where growth is seen at 2.7% y/y in 2014. In regional comparison, the country will be outperformed by Kosovo (2.7% y/y), Macedonia (3.4% y/y) and Montenegro (2.3% y/y).

The IMF’s 2014 GDP projection for Albania is in line with the forecasts of the Albanian government and the World Bank. The EBRD projected in September a 1.7% y/y rise for Albania, confirming its previous estimate from May 2014.

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