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.

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Albania GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-2.52 -0.10 13.50 -10.84 1996 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2019-09-30 10:35 AM Q2 2.3% 2.4% 2.9%
2019-12-24 11:00 AM Q3 3.8% 2.5% 2%
2020-03-27 11:30 AM Q4 -0.2% 4.2% 3.3%
2020-06-30 10:00 AM Q1 -2.5% -0.1% -1.5%
2020-09-30 10:00 AM Q2 -2.5% -5.1%
2020-12-24 11:00 AM Q3 -3%


News Stream
Albania Economy Contracts the Most in Over 6 Years
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.
2020-06-30
Albania Economy Contracts for 1st Time in 5 Years
Albania’s GDP contracted 0.2 percent year-on-year in the fourth quarter 2019, after an upwardly revised 4.2 percent expansion in the previous period. It was the first decline in annual GDP since the last quarter of 2014. On a quarterly basis, the economy also shrank 0.2 percent. Considering full 2019, the GDP advanced 2.2 percent, slowing from a 4.1 percent expansion in 2018.
2020-03-27
Albania GDP Expands the Most in 1 Year
The economy of Albania advanced 3.8 percent year-on-year in the third quarter of 2019, following 2.5 percent expansion in the previous period. It was the strongest growth since the third quarter of 2018, as household consumption expanded at a faster pace (3.9 percent vs 2.9 percent in Q2). Meanwhile, government spending slowed (2.1 percent vs 4.4 percent) while gross fixed capital formation decreased further (-1.9 percent vs -0.8 percent). Regarding net trade, exports jumped 10.1 percent (vs 3.2 percent in Q2) while imports advanced 3.6 percent (vs 6.0 percent in Q2). On a quarterly basis, the GDP expanded 1.7 percent.
2019-12-24
Albania GDP Growth Slows to 3-1/2-Year Low of 2.3%
Albania’s GDP expanded 2.3 percent year-on-year in the second quarter of 2019, easing from an upwardly revised 2.4 percent advance in the previous period. It was the lowest growth rate since the last quarter of 2015. Main contribution to growth came mainly from trade, transport, accommodation and food services; public administration, education and health; agriculture, forestry and fishing; and real estate activity. On the other hand, output shrank for industry, electricity and water; construction and arts, entertainment and recreation services, other services. On a seasonally adjusted quarterly basis, the economy advanced 0.68 percent, faster than a 0.56 percent rise in Q1.
2019-09-30

Albania GDP Annual Growth Rate
In Albania, the most important component on the expenditure side of the GDP is household consumption (78 percent) followed by gross fixed capital formation (26 percent) and government expenditure (11 percent). Net exports of goods and services subtracts 18 percent from the GDP as exports accounts for 35 percent and imports for 53 percent.