World Bank improves Albania’s 2013 GDP growth projection to 1.8%.

By bne IntelliNews June 14, 2013

Albanian economy is projected to grow by real 1.8% y/y in 2013, speeding up from 1.6% y/y in 2012, the World Bank said in the June 2013 edition of its Global Economic Prospects report, revising upwards its earlier projection for a 1.6% y/y growth.

The country’s economic output is expected to gradually accelerate to 2% y/y in 2014 and to 3% y/y in 2015, the bank said, confirming previous estimates. In regional comparison, Albania will be the third fastest growing economy among Western Balkan countries in 2013 after Kosovo (3.1%) and Serbia (2.0%).

The World Bank expects Albania’s current account deficit to stand at 9.7% of GDP in 2013 and gradually fall to 7.1% in 2015.

In April 2013, the International Monetary Fund (IMF) projected Albania’s GDP growth at 1.8% y/y in 2013 also revising upwards its projection from 1.7%. By contrast, in May the European Bank for Reconstruction and Development (EBRD) lowered its estimate for Albania's GDP growth to 1.5% from 2% y/y for 2013.

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