INSTAT: Industry Registered Increase in Production, Net Sales and Wages

INSTAT: Industry Registered Increase in Production, Net Sales and Wages

TIRANA, June 19

The industry in Albania has seen a rise regarding the net sales, production and salary increases for employees. The official data published by the Institute of Statistics (INSTAT) today, for the first trimester of 2019 regarding the producers of goods, show a positive performance in the Extractive Industry and Processing Industry particularly.

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INSTAT reported that the index of net sales in volume marked a growth of 4.5%, compared to the same period of last year. The index of production in volume marked a growth too of 5.8% compared to the same Q1 of last year.

Crude oil production 

Whereas the index of wages fund registered an increase of 6.8%, compared to the same period of 2018. In this sector, the main contributor is the oil industry. Albania is the biggest producer of crude oil in Western Balkans, according to the Institute of Energy of South East Europe.

crude oil in Albania

The Albanian Association of Energy estimates that the country has high reserves of oil up to 400 million tons, although there is a need for further investments for research and development. According to AAE, Albania is one of the richest countries with oil in Europe.

Source/ A.T.SH., INSTAT

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