Albania among fastest growing economies in SEE with 4.06% growth in 2018

Albania among fastest growing economies in SEE with 4.06% growth in 2018
Contribution of the main branches of the economy to the real growth rate of GDP in 4Q18 over 4Q17
By bne IntelliNews March 31, 2019

Albania posted economic growth of a real 4.06% y/y in 2018, according to an estimate from the statistics institute Instat released on March 29.

Albania's economy expanded by an annual 3.84% in 2017. Currently, Albania is enjoying one of the fastest economic growth rates in the region. The government expects Albania to keep posting strong economic growth of 4.3% in 2019.

In the fourth quarter of 2018, the economic growth was 3.1% y/y, significantly down from a 4.48% y/y increase in the previous quarter, data showed.

Albania's economic growth in the fourth quarter was driven mainly by the electricity and water supply, which contributed 1.11 percentage points (pp), followed by the trade, transport, accommodation and food service sector (+0.58 pp) and construction (+0.29 pp), the data indicated.

The mining and quarrying sector sector posted the biggest annual growth of 9.94% in 4Q18, which was also the case in the previous three quarters.

One sector, art and entertainment, contracted y/y in the period under review, by 8.66%.

On a quarterly basis, Albania's GDP grew by 0.57% in 4Q18, after moving up 1.09% q/q in the previous quarter.

A breakdown of 4Q18 GDP figures showed that gross fixed capital formation went up by 1.87% y/y. Household final consumption, which accounts for an important part of the total economy, increased by 2.84% y/y, while general government consumption edged down by 0.05% y/y.

Exports of goods and services moved up by 1.09% y/y while imports increased 2.65% y/y.

Economic sectors  GDP growth y/y change

1Q18 GDP 

2Q18 GDP 

3Q18 GDP 

4Q18 GDP 

Agriculture, forestry, fishing

1.93%

1.56%

1.48%

0.70%

Mining and quarrying, manufacturing, energy and water supply

19.9%

20.87%

15.4%

9.94%

Construction

2.1%

-2.16%

5.42%

2.51%

Trade, transport, hotels

3.75%

5.71%

5.92%

3.42%

Information and communications

-2.99%

-5.81%

-5.81%

4.47%

Financial activities and insurance

-1.16%

3.21%

2.99%

8.54%

Real estate activities

0.01%

0.52%

1.55%

0.14%

Professional, scientific and technical activities

5.54%

8.33%

5.9%

2.42%

Public administration, education, health

2.1%

1.88%

1.18%

0.64%

Arts, entertainment, recreation

4.3%

8.87%

0.82%

-8.66%

Net taxes

3.0%

2.02%

2.95%

5.08%

Source: INSTAT

 

 

 

 

           

 

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