Kosovo posts GDP growth of 3.55% in 4Q22

Kosovo posts GDP growth of 3.55% in 4Q22
/ bne IntelliNews
By bne IntelliNews March 15, 2023

Kosovo posted real economic growth of 3.55% in the fourth quarter of 2022, after the economy expanded by a revised 3.26% in the previous quarter (chart), preliminary data released by the statistics agency showed on March 15.

In January, the World Bank kept its GDP growth forecast for Kosovo for 2023 at 3.7%, while expecting the economy to have expanded by 3.1% in 2022.

According to statistics office data, Kosovo’s nominal GDP in current prices totalled €2.46bn in the fourth quarter of 2022, up from €2.17bn in the same period in 2021.

The processing industry posted the biggest annual growth of 12.52% in 4Q22, followed by the financial and insurance sector (11.53%), scientific, professional and technical activities (8.71%) and the extractive industry, electricity, gas, water supply sector (7.93%).

The construction industry declined by 11.81%.

GDP components by expenditure approach increased as follows: final consumption expenditure (1%) and export of goods and services (9.54%).

Meanwhile, there was a decrease in import of goods and services (-4.96%), gross capital formation (-8.78%), and government expenditures (-0.48%).