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INSTAT: Albania’s GDP grows 3.63%, consumption 3.7% in Q1, 2024

TIRANA, July 9 /ATA/ – Albanian economy and consumption recorded strong growth in the first quarter of 2024, the National Institute of Statistics (INSTAT) said on Tuesday.

INSTAT said in its quarterly economic growth report that Albania’s gross domestic product (GDP) expanded by an annual 3.63% in the first quarter of this year.

According to INSTAT, in the first quarter of 2024, the main contributor to the country’s economic growth was the construction sector. INSTAT also noted that a steady pay hike policy has also contributed to growth.

The sectors with a positive contribution to the economy were the construction sector with 1.19 percentage points, the public administration, education and health sectors with 0.92 percentage points, trade, transport, accommodation and food service with 0.76 percentage points, and real estate activities with 0.36 percentage points.

On the other hand, the agriculture, forestry and fisheries sectors fell by -0.31 percentage points, and the industry, energy and water group shrank by -0.15 percentage points.

On an annual comparison basis, the construction sector rose 14.04% year-on-year, followed by the public administration, education and health group that increased by 7.71% compared to the first quarter of 2023.

The “Real estate activity” increased by 5.91%, the group of “Professional services and Administrative services” increased by 5.54%, the group of “Trade, Transport, Accommodation and Food Services” increased by 4.63%, the “Financial and insurance” activity increased by 2.83%, the group of “Information and Communications” increased by 2.14%, the group “Arts, entertainment and recreation services, other services” increased by 1.97%. Net Taxes on products increased by 2.80%.

INSTAT said that consumption rose 3.7% year-on-year in the first quarter of 2024.