Albania's gross domestic product contracted 1.16 percent on quarter in the three months to June of 2022. Declines were recorded for construction (-5.99 percent), information and communication (-3.38 percent), and arts, entertainment and recreation services, other services (-0.16 percent). On the other hand, increases were seen for agriculture, forestry and fishing activity (0.28 percent); industry, electricity and water (6.74 percent); trade, transport, accommodation and food services (2.34 percent); financial and insurance (2.25 percent); real estate (2.31 percent); professional services and administrative services (0.09 percent); and public administration, education and health (0.54 percent). source: Instituti i Statistikave (INSTAT)

GDP Growth Rate in Albania averaged 0.80 percent from 2005 until 2022, reaching an all time high of 11.16 percent in the third quarter of 2020 and a record low of -8.35 percent in the second quarter of 2020. This page provides - Albania GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Albania GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2022.

GDP Growth Rate in Albania is expected to be -0.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Albania GDP Growth Rate is projected to trend around 0.30 percent in 2023 and 0.40 percent in 2024, according to our econometric models.

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Albania GDP Growth Rate

Calendar GMT Actual Previous Consensus TEForecast
2022-06-30 10:00 AM Q1 1.56% 0.2% 1%
2022-09-30 10:00 AM Q2 -1.16% 1.56% 1.8%
2022-12-23 11:00 AM Q3 -1.16%

Related Last Previous Unit Reference
GDP Growth Rate -1.16 1.56 percent Jun 2022
GDP Annual Growth Rate 2.23 6.50 percent Jun 2022
GDP Constant Prices 412918.10 416085.20 ALL Million Jun 2022
Gross Fixed Capital Formation 108051.00 88458.00 ALL Million Jun 2022
GDP from Services 66504.08 64603.58 ALL Million Jun 2022
GDP from Public Administration 47717.61 48206.41 ALL Million Jun 2022
GDP from Mining 56265.72 51920.12 ALL Million Jun 2022
GDP from Manufacturing 31386.02 31886.31 ALL Million Jun 2022
GDP from Construction 42502.15 44673.61 ALL Million Jun 2022
GDP from Agriculture 68383.66 67883.19 ALL Million Jun 2022

Albania GDP Growth Rate
Albania’s most important sector is services (60 percent of GDP) with banking, communications and tourism driving the growth. The manufacturing industry accounts for 20 percent of GDP. The remaining 20 percent goes to agriculture which is dominated by small family owned operations and employs almost half of the labour force. Remittances also have a big importance for the economy and account for around 8 percent of GDP. On the expenditure side, household consumption is the main component of GDP and accounts for 78 percent of its total use, followed by gross fixed capital formation (26 percent) and government expenditure (11 percent, as collective expenditure accounts for 6 percent and individual expenditure accounts for 5 percent). By contrast, net exports of goods and services contributes negatively accounting for -18 percent of total GDP, as exports accounts for 35 percent while imports accounts for a much higher 53 percent.
Actual Previous Highest Lowest Dates Unit Frequency
-1.16 1.56 11.16 -8.35 2005 - 2022 percent Quarterly