Albanian Economy Expands 3.46% in 2016

TIRANA, April 4

The Albanian economy expanded by 3.46 percent during 2016, the Institute of Statistics (INSTAT) announced on Monday. This is the highest growth rate for the last six years.
“Following the publication of the data for the fourth quarter, Q4, of 2016, INSTAT is issuing an initial assessment on economic growth during the past year, which shows a growth rate of 3.46 percent,” general director of INSTAT Delina Ibrahimaj said.
According to the Institute of Statistics, the Albanian economy started to recover during the fourth quarter, which marked the highest growth for the last nine quarters.
“The Gross Domestic Product, GDP, for the fourth quarter of 2016 increased by 3.97 percent compared to the fourth quarter of 2015,” Ibrahimaj added.
The economic recovery was related to the significant increase of power production and to the Trans Adriatic Pipeline (TAP), which provided a major impetus to the construction and transportation sectors.
“Activity in the energy, industry and water sectors increased by 5.14 percent. It was mostly affected by the growth in the electric power production sector, which expanded by 61.94 percent. Construction expanded by 6.81percent and it was related to investments by foreign companies that operate for TAP,” INSTAT’s chair added.
Moreover, she stated that the Albanian economy benefited from increased consumption and expanded investments.

News Source: TCh