Albania’s Economic Growth Upgrades to 4% Rate in Q2

TIRANA, September 29

Albania’s economy accelerated during the second quarter of the year by upgrading to four percent rate. The Institute of Statistics (INSTAT) confirmed that the national Gross Domestic Product (GDP) expanded by 4.06 percent and it was stepped up by the construction, industry, and tourism sectors.
According to INSTAT, this is the highest economic growth rate since 2012. On the other hand, previous data confirm that the Albanian economy is growing at a stable pace.
The second quarter growth rate of 4.06 percent reflects the positive results of the first quarter of the year when the economic growth rate was 3.94 percent. Based on this data, the Gross Domestic Product for the first half of the year increased at a 4 percent rate. This figure surpassed the International Monetary Fund and the Albanian government projections.
The data provided by INSTAT suggest that the economic activity during the first half of the year may have benefited from public expenses during the electoral campaign.
Despite this factor, INSTAT statistics confirm that the country’s economy upgraded to a 4 percent rate for the first time in nine years.

News Source: INSTAT, TCh