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Albania's economic growth to continue upward trajectory: central bank

Xinhua, November 17, 2016 Adjust font size:

Albania's gross domestic product (GDP) marked an annual growth of 3.2 percent in the second quarter this year, while data for the third quarter shows that positive growth rates will continue until the end of the year, the Albanian central bank said Wednesday.

Presenting the quarterly monetary policy report, experts at the Bank of Albania (BoA) said economic growth in the second quarter continued to be driven by the performance of the services sector, whose contribution was estimated at 2.5 percentage points.

Meanwhile, industrial and construction activity gave modest positive contributions and the agricultural sector shrank in annual terms, experts said.

The central bank expects domestic demand to be the main contributor of growth in the third and fourth quarters, with positive contributions from consumption and private investments.

On the other hand, the annual growth of investments in the economy slowed to 4.4 percent in the second quarter, compared to 6.2 percent in the first quarter 2016, the experts said.

According to BoA, the investments slowdown was a reflection of slower activity in construction, while machinery and equipment was estimated to have increased its contribution to total investments. Endit