Albania’s GDP in 2014 was 10 billion euros

Albania’s GDP in 2014 was 10 billion euros

Tirana, 14 December 2015/Independent Balkan News Agency

Albania’s Gross Domestic Product in 2014 was 10,01 billion euros, according to a report published by the Institute of Statistics in Tirana.

INSTAT said that GDP saw a rise of 2.02% as opposed to 2013.

Based on this result, GDP per capita in 2014 was 3,457 euros as opposed to 3,323 euros in 2013.

During year 2014, Albanian economy performed a real GDP growth rate by +2.02 % compared with year 2013. According to GDP by production approach, the main contribution to this growth is driven by the branches of the economy such as “Professional services and Administrative services” by 0.76 percentage point, “Trade, transport, accommodation and food services” by 0.47 percentage point, “Agriculture, Forestry and Fishing” by 0.44 percentage point, “Public administration, Education and Health” by 0.42 percentage point, “Industry, Electricity and Water” by 0.37 percentage point and Other services by 0.31 percentage point.

The branches that gave a negative contribution are “Construction” by -0.76 percentage point and “Information and Communication” by -0.06 percentage point. Taxes and subsidies on products contributed respectively by 0.04 percentage point and 0.02 percentage point. Related to GDP structure by economic activities, Services continue to represent the main share in the economy for year 2014, by 45.4 % of GDP and they increased by +4.29 % in real terms. Industry and Construction realized 21.9 % of Gross Domestic Products, but during year 2014 Industry rose by +2.93 % in real terms, meanwhile Construction decreased by -7.33 %. Agriculture, hunting and forestry with 20.0 % share of GDP, grew by 2.25 % in real terms.

Gross Domestic Product deflator was +1.6 %. According to GDP by expenditure approach, Final consumption constitutes a major share in the economy, with 90.49%. This component rose by +5.52% in nominal terms and + 3.32% in real terms. In 2014, gross fixed capital formation, which constitutes 24.48% of GDP, decreased by -2.05% in nominal terms and – 3.90% in real terms compared with 2013. Net exports of goods and services increased by 8.76 % in nominal terms and 10.08% in real terms, compared with 2013. /ibna

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