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GDP Growth in Albania Slows Down to 2.23 Pct in Q2: Instat

The gross domestic product (GDP) in Albania only grew by 2.23 percent year on year in the second quarter of 2022, after rising by 5.97 percent in the previous quarter, the National Institute of Statistics (INSTAT) said in a report on Friday.

According to the report, the GDP of Albania decreased by 1.16 percent in the April-June period, on a quarterly comparison basis.

In the second quarter of 2022, the sectors that contributed most to the economic growth of the country were trade, transport, accommodation and food services, as well as real estate and professional and administrative services.

A preliminary estimation released by INSTAT earlier this year said that in 2021, the GDP of Albania increased by 8.54 percent, after decreasing by 3.48 percent in 2020 due to the negative impact of the COVID-19 pandemic.

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

The International Monetary Fund expects Albania’s economy to expand by 2 percent in 2022, while the European Bank for Reconstruction and Development estimates that Albania’s economic growth in 2022 will increase by 3 percent.