Economic growth returns to Albania, says INSTAT

Economic growth returns to Albania, says INSTAT

Tirana, April 8, 2014/Independent Balkan News Agency

Authorities in Albania say that economic growth has returned. Judging by the figures of the last quarter of 2013, which were issued by the Institute of Statistics (INSTAT), the head of this institution, Gjergj Filipi says that following the strong drop in the third quarter, the economy has come back into positive territory in the final months of last year.

Filipi says that according to the Gross Added Value figures, economy in in Albania grew by 1.1% in the period from October to December 2013 compared to the same period of 2012.

This growth has been affected by commerce, hotels and restaurants, construction, industry, post and telecommunication.

“With the ending of the third quarter we can make a preliminary assessment for the whole of 2013, which based on the index of the gross added value, it saw a 0.44% growth on a quarterly bases, compared to 2012”, says Filipi.

He adds that with these figures, 2013 is considered to be the most difficult year of the Albanian economy not only since the start of the crisis, but in almost two decades, apart from 1997.

Data also confirm another fact, that after 2011, the economy has followed a strong dropping curve, which seemed as if it was never going to end.

Details and figures

The main branches of the economy for the fourth quarter of 2013 compared to the fourth quarter of 2012 are: Compared to the same period in 2012, agriculture saw a growth of 1.23% in the fourth quarter of 2013. Industry grew by 7.18% in the fourth quarter of 2013 as opposed to the same period of 2012. Construction grew by 3.66% in the fourth quarter of 2013 compared to the same period in 2012. Commerce, hotels and restaurants saw a growth of 3,12% in the fourth quarter of 2013 as opposed to the same period a year ago. In this group, commerce saw a growth of 7,04%, while hotels and restaurants saw a fall of 16.7%.

Transport in the fourth quarter of 2013 fell by 27.92% compared to the same quarter a year ago. Post and telecommunications saw a growth of 8.36% in the fourth quarter of 2013 compared to the same period of 2012.

Other Services saw a drop of 1.76% in the fourth quarter of 2013 compared to the same period in 2012. In this group, public administration, education and health had a positive impact, while the drop has been caused by the negative performance of the financial sector, real estate, rentals, legal activities, architecture, engineering and financial consultancy, commercial consultancy, etc. A negative effect has also been given by other activities of the collective, social and cultural activities.

As far as the difference compared to the previous quarter of 2013 is concerned, the index of Added Gross Value has increased by 2.32%.

In the fourth quarter of 2013, agriculture has increased by 0.67% compared to the third quarter of the same year.

Industry saw a growth of 0.64% in the fourth quarter of 2013 compared to the third quarter of 2013.

Construction in the fourth quarter of 2013 saw a growth of 14.08% compared to the third quarter of 2013. Commerce, hotels and restaurants saw a growth of 4.06% in the fourth quarter of 2013 compared to the third quarter of 2013.

Transport in the fourth quarter of 2013 saw a drop of 15.41% compared to the previous quarter.

Post and communication saw a drop of 5.82% in the fourth quarter as opposed to the third quarter of 2013.

Other Services didn’t change in the fourth quarter of 2013 compared to the third quarter of the same year. /ibna/