Economic recession mitigates, falls by 3.47% in Q3 / Tourism and taxes “sink” GDP, construction and real estate keep it alive

The country’s Gross Domestic Product shrank by 3.47% in the third quarter of the year, according to the latest data from the Institute of Statistics. Despite the fact that this is a contraction of the economy, its rates are significantly slower than in the previous quarter, when the decline was fixed at -10.2%. The biggest negative impact on the contraction of the Albanian economy during the third quarter of the year was given by the activity of “trade, transport and accommodation of food service”, although the period refers to the peak of the tourist season.

Professional activities as well as net taxes have made a negative contribution to the country’s economic growth. Construction and real estate activities, on the other hand, have made a positive contribution to increasing gross domestic product on an annual basis, the data show. Regarding the performance of the main branches of the economy during the third quarter of the year, trade, together with accommodation and food, recorded a significant decline of 13%. Professional activities also decreased by about 16%.

SCAN

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