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.

Related Articles

Albanian PM says new government to get rid of “parasites” in administration

Dismissing "parasites" in the public administration will be the priority of the Socialist-led government during its second mandate, Albanian Prime Minister Edi Rama has said, ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

First female party leader elected in Albania

Albania’s third largest party, the Socialist Movement for Integration (LSI), elected Monika Kryemadhi as its new leader on July 5. Kryemadhi will be the first woman to lead a political party in ... more