The contribute of the agriculture sector in country’s GDP has increased

The agricultural activity in Albania increased during the first trimester of 2014, by becoming an important factor for its contribution in the GDP.

Based on the official data published by Bank of Albania, the contribute of agricultural sector in Albania;s GDP is 18.9% and continues to grow. The added value from agricultural activities, hunting and forests had an annual increase by 3.1%, a higher percentage compared with the percentage recorded in the previous trimester. Despite that, the performance of the agriculture sector remains under the historical average rate of 4.9%.

The expansion of production reflected even by the increase of exports of agricultural products. Indirect data of foreign trade and the prices of agricultural products in country support the continuation of positive depevopments in this sector during the second trimester of this year.

In 1990, the contribute of the agriculture sector in the country’s GDP was about 50%, a percentage measured with an old methodology, but with the modern methodology which is used today, it is estimated that the agriculture sector contributes in the GDP with a percentage of 36%.

Economy experts are of the opinion that agriculture is showing an increasing tendence, notably in the 4 latest years and this is an encouraging and positive fact for country’s economic future.

News source/photo credits: ATA