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Albania’s Economy Increases by 5.97 Pct in Q1: Instat

The gross domestic product (GDP) of Albania registered an annual increase of 5.97 percent in the first quarter of 2022, the National Institute of Statistics (INSTAT) reported on Thursday.

According to INSTAT report, the main sectors that contributed positively to the country’s GDP growth in the first quarter of 2022 were trade, transport, construction, real estate and accommodation and food services.

The quarterly report said that for the period of January to March, Albania’s economy grew by 1.56 percent compared to the fourth quarter of 2021.

According to INSTAT’s preliminary estimates, Albania’s GDP increased by 8.54 percent in 2021.

Meanwhile, due to the COVID-19 pandemic, the country’s economy grew only by 3.48 percent in 2020.

Despite the strong post-pandemic recovery of the country’s economy in 2021, for 2022 the World Bank has projected an economic growth of 3.2 percent for Albania, due to the impact of global developments and the Russia-Ukraine conflict.