Q2 Albania’s Economic Growth Left at 2.31%

TIRANA, October 1

The Albanian economy grew more slowly in the first half of 2019 compared to the same period of 2018. This was confirmed by the recent stats provided by the Institute of Statistics (INSTAT). Slow growth might persist through the end of the year, largely because the Trans Adriatic Pipeline (TAP) is reaching completion. By the end of August 2019, the pipeline was 89.3 percent completed. This was reflected in the construction sector.

Moreover, prolonged drought took a toll on the economy compared to 2018. Economic growth in 2018 was 4.06 percent, the highest growth rate in the latest decade, and energy export accounted for almost half of GDP.

In the meantime, the GDP grew by 0.10 percent compared to the previous estimate (2.21 in Q1). Among the sectors that witnessed economic growth during Q2, it’s important to mention, Agriculture, forestry, and fishing, trade, transport, accommodation and food services, information and communication, insurance, real estate, tax on net subsidies, etc.

Y-o-Y comparison
The sectors with the highest impact in Q2 were services, tourism, international arrivals, public administration, education and healthcare, agriculture, forestry, and fishing.
The sectors with a negative impact on the GDP included leisure, electric energy, and water.

Source: INSTAT