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Albanian economy up by 2.96 percent in Q1

Xinhua, September 13, 2016 Adjust font size:

Albania saw an economic growth of 2.96 percent in the first quarter of 2016, Albanian Finance Minister Arben Ahmetaj told a press conference on Tuesday.

While presenting country's economic indicators for the first eight months, Ahmetaj said this was the largest economic growth recorded in the past five years.

The minister also said that the public debt will not see any further increase, stressing that Albania's budget organic law stipulates that no government can increase the level of public debt.

Even in an election year, the government cannot spend more than 50 percent of the budget deficit fund in the first half of the year, minister said.

According to the head of Albanian finances, such good news on economy came as a result of the Albanian government's determination to undertake necessary financial reforms, pensions'reform, that in the energy system, the rule of law and recently the justice reform.

He further said that even the public revenues staged a positive performance in the first eight months of 2016.

Meantime, it has been noted that there was an improvement in the economic sentiment indicator in the second quarter of this year, boosting the confidence that this indicator will be positive even in the third quarter. Endit