Albania’s’ GDP Down by 10.2% in Q2 amid COVID-19 Crisis

Albania’s’ GDP Down by 10.2% in Q2 amid COVID-19 Crisis

TIRANA, September 30

Albania’s Gross Domestic Product (GDP) fell at a rate of 10.2 percent during the second quarter of 2020, the Institute of Statistics confirmed on Wednesday. The significant drop in outputs reflected the worst-hit period by the pandemic lockdown, travel restriction, and prevention measures to prevent the spared of the virus.
Data from INSTAT confirm that trade, transport, accommodation, and food services, had the largest contribution to the DGP decline by -4.11 percent. The activity, in these sectors and many others, was almost completely stopped as Albania was under lockdown orders during April.
Other sectors that had an impact on the GDP decline were Net Taxes (-1.85%), Extractive industry, manufacturing, power, water (-1.45%), Professional and administrative activity (-1.23%), etc.
In the meantime, the only sectors that saw growth during Q2 were Agriculture, forestry, and fishing (0.70%) and Real estate (0.29%).

Read also: Albania’s Agriculture Exports Rise despite COVID-19

Source: INSTAT

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