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HomeAlbaniaAlbania GDP up 3.23 Pct YoY in Q2: INSTAT

Albania GDP up 3.23 Pct YoY in Q2: INSTAT

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Albania’s gross domestic product (GDP) increased by an annual 3.23 percent in the second quarter (Q2) of 2023, after increasing by 2.72 percent year-on-year in the first quarter, the National Institute of Statistics (INSTAT) said on Friday.

According to INSTAT, positive contributions to GDP growth came from construction with 1.43 percentage points; real estate activities (0.72 percentage points); public administration, education and health (0.66 percentage points); arts, entertainment, recreation, other service activities and information and communication (0.26 percentage points).

Industry, energy and water contributed negatively (-0.31 percentage points) and so did professional activities and administrative services (-0.27 percentage points), and agriculture, forestry and fishing (-0.03 percentage points).

Albania’s government expects the economy to grow by 3.7 percent this year. In a recent report, the European Bank for Reconstruction and Development (EBRD) kept its forecast for the country’s economic growth unchanged at 2.5 percent in 2023.

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