INSTAT: Albania’s GDP expands by 3.23% in Q2, 2023

Albania’s gross domestic product (GDP) grew by an annual 3.23% in the second quarter of 2023, up from 2.72% growth in the first quarter of this year, the National Institute of Statistics (INSTAT) said on Friday.

In its quarterly report, the statistical office said that the sectors that mostly contributed to the growth of the country’s gross domestic product in the second quarter of this year were construction with an estimated contribution of 1.43 percentage points.

In the second quarter of 2023, other contributors to the country’s economic growth included the real estate activities with +0,72 percentage points, public administration, education and health with +0,66 percentage points, arts, recreational and entertainment activities, services with 0,26 percentage points, information and communication with +0,26 percentage points, trade, transport, accommodation and food service with +0,19 percentage points, financial and insurance activities with +0,09 percentage points.

The groups recording a negative contribution to the economy were the industry, water and energy group with -0,31 percentage points, vocational and administrative services with -0,27 percentage points, agriculture, forestry and fisheries with -0,03 percentage points.