The economy of Albania shrank 2.5 percent year-on-year in the first quarter of 2020, following a downwardly revised 0.1 percent decline in the previous period. It was the sharpest contraction since the third quarter of 2013, as the coronavirus pandemic began to hit the economy. Output shrank in mining & quarrying (-13.3 percent); construction (-16.7 percent); trade, transport and accommodation & food services (-3.7 percent); information & communications (-5.1 percent); financial and insurance (-7.2 percent); professional & administrative services (-8.4 percent); education & health (-0.3 percent); and utilities (-3.8 percent). Meanwhile, growth was recorded in agriculture, forestry & fishing (3.4 percent); real estate (3 percent); and arts, entertainment & recreation services (1.1 percent). On a quarterly basis, the economy contracted 0.3 percent.
GDP Annual Growth Rate in Albania averaged 3.90 percent from 1996 until 2020, reaching an all time high of 13.50 percent in the fourth quarter of 1999 and a record low of -10.84 percent in the fourth quarter of 1997. This page provides the latest reported value for - Albania GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Albania GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020.
GDP Annual Growth Rate in Albania is expected to be -3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Albania to stand at 4.50 in 12 months time. In the long-term, the Albania GDP Annual Growth Rate is projected to trend around 3.80 percent in 2021 and 3.20 percent in 2022, according to our econometric models.