World Bank cuts Romania's growth forecast to lowest in the region for 2025 and 2026
1 day ago
Albania’s trade deficit shrank by 9.6% year on year to around ALL178bn (€1.4bn) in the first seven months of 2020. Exports declined 16.8% y/y to ALL150bn, while imports went down by 13.2% y/y to ALL328bn, the statistics institute INSTAT said on August 17.
Albania has historically run a substantial trade deficit caused by its narrow production and export base, and has partly funded this with remittances from Albanians living abroad. However, the coronavirus (COVID-19) crisis significantly reduced the trade exchange of the country, which was the most pronounced in April.
In July, Albania posted a deficit of ALL32bn, edging down 0.3% from a year earlier. Exports declined 11.6% y/y in July to ALL25bn while imports decreased 5.6% to ALL56bn.
All main groups influenced the decrease of exports in July except the food, beverages and tobacco and the group of machinery. The main contributors to the decrease were the groups of textile and footwear (-6.6 pp) as well as minerals, fuels and electricity (-3.6 pp).
Trade exchanges with EU countries accounted for 64.3% of overall trade in July. Albania's main trading partners were Italy (33.1%), Turkey (7.6%), Greece (7.5%) and China (7.1%).
Albania’s trade deficit deepened 5.7% year on year to around ALL350bn in 2019.
Related Content
Data
World Bank cuts Romania's growth forecast to lowest in the region for 2025 and 2026
The World Bank has sharply revised downward its economic growth projections for Romania, now expecting GDP to grow by just 1.3% in 2025 and 1.9% in 2026.
_1745420976.png)
Slovak unemployment drops to 3.72% in March
Slovak unemployment slightly dropped to 3.72% in March, down by 0.07 percentage point from February and by 0.16 pp from March 2024, while the number of unemployed persons was the lowest on record since 1993.
IMF: Global growth is expected to decline and downside risks to intensify as major policy shifts unfold – WEO
After enduring a prolonged and unprecedented series of shocks, the global economy appeared to have stabilized, with steady yet underwhelming growth rates, the International Monetary Fund said in its latest World Economic Outlook.
Romania's public deficit reaches new record in 2024
Romania posted the widest general government budget deficit among EU member states at 9.3% of GDP, nearly three times the EU average.
Most Read
-
Serbian biotech Dren Bio sold to Sanofi for $1.9bn
1 month ago
-
Scandal surrounding Hungarian central bank’s investments spreads to Polish developer GTC
1 month ago
-
Israeli IDF troops engage in ground battle in Syria as airstrikes hit Palmyra
30 days ago
-
Who will be Serbia’s next prime minister?
1 month ago
-
TNT ammunition depot in Czechia explodes
30 days ago