ATA News

Albania’s GDP grows 3.46 % in Q3, 2023

Albania’s gross domestic product (GDP) grew by an annual 3.46% in the third quarter of 2023, up from 3.23% year-on-year in the second quarter, the National Institute of Statistics (INSTAT) said in its quarterly economic growth report on Friday.

On quarterly comparison basis, the country’s economy expanded by 2.30% in the July-September period.

According to INSTAT, in the third quarter of 2023, the main contributors to the country’s economic growth were construction and the real estate sector.

INSTAT said in its quarterly growth report that agriculture, forestry and fisheries fell by 0.50 %, whereas the country’s industry, energy and water sector decreased by 2.89 % in the third quarter.

The construction sector grew by 4.72 %. Trade, transport, accommodation and food service groups declined by 0.77 %.

The information and communications group rose 8.97%, financial and insurance activity increased by 4.50%. Real estate activity increased 12.20%, the professional services and administrative services group increased by 7.55%.

The public administration, education and health rose 11.18 %, the group arts, entertainment and recreation services, and other services surged by 11.28%. Net Taxes on products increased by 2.87%.

Household final consumption which shares an important part in the total economy had an increase by 2.06%.

General government consumption rose 12.28%. Exports of goods and services increased by 17.91%, while Imports of goods and services decreased by 2.05%.