Albania’s economic growth slows down to 3.36%: Instat figures

Economic growth in Q4 2017 is estimated to be at 3.36%.

This represents a noticeable slowdown in gross domestic product growth, since in the previous months this increase was higher fluctuating from 3.55% to 4.06%.

The biggest contribution to this growth stemmed from the sectors of “trade, transport, housing and food service”, as well as “public administration, education and health”.

Both of these branches of the economy contributed by 0.66 and 0.64 percentage points respectively.

However, a positive contribution gave most of the branches of the economy, with the exception of agriculture, with no contribution at all and information and communication branches with a negative impact of -0.23 percentage points.

In relation to past performance, the growth of the “financial and insurance activities” has increased by 11.24%, reflecting once again the good performance of the banking sector in the country.

The accommodation and food service sector has increased by 21.99% compared to the last quarter of 2016, due to tourism growth, but also due to the investments made thanks to the VAT reduction in tourism.

Meanwhile, the biggest decline has been reported in the electricity sector, which suffered the consequences of a drought that reduced the production of public and private power plants in the country.

SCAN

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