Albania’s GDP grows 4.06 pct in Q2: INSTAT

Albania's gross domestic product (GDP) increased by 4.06 percent in the second quarter of 2024, compared to the same period last year, the National Institute of Statistics (INSTAT) reported on Tuesday. INSTAT also estimated a year-on-year GDP growth rate of 3.63 percent for the first quarter. The institute attributed the growth primarily to positive contributions from several sectors: construction added 1.12 percentage points; trade, transportation, accommodation, and food services contributed 1.12 percentage points; net tax income added 0.92 percentage points; and public administration, education, and health sectors contributed 0.86 percentage points. Some sectors recorded negative contributions in the second quarter. Mining and processing, along with electricity and water, saw a decline of 0.96 percentage points, while the information and communication sectors decreased by 0.11 percentage points. Revised data showed that Albania's GDP grew by 3.94 percent in 2023 compared to the previous year, followin g a 4.83 percent increase in 2022. Source: The Namibia News Agency