The economy of Albania increased 2.30 percent quarter-on-quarter in the third quarter of 2022, reversing a 0.60 percent fall in the previous quarter. source: Instituti i Statistikave (INSTAT)

GDP Growth Rate in Albania averaged 0.85 percent from 2005 until 2022, reaching an all time high of 11.40 percent in the third quarter of 2020 and a record low of -8.90 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 March of 2023.

GDP Growth Rate in Albania is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

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Albania GDP Growth Rate

Calendar GMT Actual Previous Consensus TEForecast
2022-09-30 10:00 AM Q2 -1.16% 1.56% 1.8%
2022-12-23 11:00 AM Q3 2.3% -1.16% 0.6%
2023-03-30 09:00 AM Q4 2.3% -0.1%

Related Last Previous Unit Reference
GDP Growth Rate 2.30 -0.60 percent Sep 2022
GDP Annual Growth Rate 4.02 2.65 percent Sep 2022
GDP Constant Prices 424341.70 414674.70 ALL Million Sep 2022
Gross Fixed Capital Formation 103672.00 109759.00 ALL Million Sep 2022
GDP from Services 69024.97 67333.44 ALL Million Sep 2022
GDP from Public Administration 47503.66 47487.77 ALL Million Sep 2022
GDP from Mining 50979.55 56771.56 ALL Million Sep 2022
GDP from Manufacturing 29336.37 31309.20 ALL Million Sep 2022
GDP from Construction 45551.55 43149.81 ALL Million Sep 2022
GDP from Agriculture 67795.75 67835.87 ALL Million Sep 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
2.30 -0.60 11.40 -8.90 2005 - 2022 percent Quarterly