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INSTAT: Economy grew by 3.44% during 2023

TIRANA April 2 /ATA/ The Albanian economy continued to pursue its upward trend in the fourth quarter of 2023.
INSTAT published on Tuesday the report on Gross Domestic Product (GDP).

“Gross Domestic Product (GDP) in the fourth quarter of 2023 is reckoned to increase by 3.80%, compared to the fourth quarter of 2022. With the fourth quarter estimate, INSTAT gives a preliminary estimate of the GDP for the year 2023, which based on quarterly estimates, marked an increase of 3.44% compared to 2022. As for changes compared to the previous quarter, the seasonally adjusted Gross Domestic Product indicator is estimated to increase by 0.79%. , according to INSTAT.

According to INSTAT, the sectors that made a positive contribution to the growth of economy are construction with 1.28%, public administration, education and healthcare with 1.01%; professional activities and administrative services with 0.66%; real estate activities with 0.58%; arts, entertainment and recreation; other service activities with 0.46%; information and communication with 0.28%, financial and insurance activities with 0.15%; trade, transport, accommodation and food service with 0.07%.
INSTAT informs that the group: Agriculture, Forestry and Fisheries contributed negatively with 0.72%, Industry, Energy and Water with 0.23%.

According to INSTAT, consumption also increased by 1.55%, which was driven by tourism, while the estimates of financial institutions predict that the economic growth will be around this figure throughout the year 2024.