The industry sector activity has marked growth in the first trimester of 2014, but at lower levels than the previous trimester, announced the Bank of Albania. this growth estimated to be at a percentage of 8.2 and according to the bank, the performance of industry was led by extractive industry which contributed with 14.6% in the growth in this sector, meanwhile the processing industry recorded an annual decrease of the added value with 9.9%.
Sub branches of production and distribution of electricity, gas and water are estimated to have reduced the total value added in the economy by about 1.2 percentage points, affecting in the contraction of activity in industry processing. In contrast, other activities included in the manufacturing industry showed a positive tendence. The improving of performance of survey indicators in the business industry, signals positive performance in this sector even during the second quarter.
The flow of exports of industrial products during April-May period has continued to grow. The value added by the extractive industry reflects not only the performance of activity in this sector, but also the methodological improvement in the evaluation of its production implemented by INSTAT. In the value added in manufacturing industry, except food processing, manufacturing industries, textiles, leather, wood, oil, the mineral, metal, machinery and equipment, INSTAT includes even the production and distribution of energy electricity, gas and water. The value added by activities associated with energetics also carries reassessment, as a result of process improvement methodology followed by INSTAT.
In the first quarter of 2013, quarterly and annual rates of progress of value added in manufacturing industry resulted respectively -2.3% and 20.1%. Industrial processing activities have contributed positively to the growth of value added in the economy. Expansion with high rates of exports of garment industry reflects improvement in this sub-activity for the first quarter of 2014, announced Bank of Albania.
News source: ATA
Photo credits: Wikimedia / ABXDataLogic