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Finance Minister: FDI into Albania up 10.6% to 1.1 billion euros in period January to September 2023

The inflow of foreign direct investments (FDI) in Albania rose to 10.6% year on year to 1.1 billion-euro in the first nine months of 2023, the Minister of Finance and Economy Ervin Mete said on Friday, adding that FDI inflow pursued an upward trend last year.

Speaking at a press conference on performance of the national economy in 2023, Finance Minister noted that with the improved trade balance, increased revenues generated by tourism and foreign direct investments, the external balance has also improved significantly.

“The current account balance, due to the country’s foreign trade and financial relations, has approached historical lows at about 5% of GDP from over 10% previously,” Mete added.

Finance Minister also said that the inflation is expected to fall to the Bank of Albania’s inflation target of 3% by mid-2024.

“The inflation rate has kept falling after reaching a peak that was still significantly lower compared with the counties in the region and lower than the Europe’s average rate,” Mete said.

Mete noted that unemployment rate fell to a record low of 10.5% and is pursuing a downward trend to drop to 10%.