NEWS
Back Home > News
Albanian economy grows 3.36 pct in Q4 2017
Source: Xinhua      Date: 2018-04-03
TIRANA, April 3 (Xinhua) -- The Albanian economy grew by 3.36 percent in the fourth quarter of 2017 according to the figures from the Albanian National Institute of Statistics (INSTAT) released on Tuesday.
  
The data provided by INSTAT show that in 2017 the GDP increased by 3.84 percent compared to 2016.
  
According to INSTAT, in 2017 the largest contribution to this growth was given by the sectors of "trade, transport, accommodation and food service" with 0.66 percent and by the "public administration, education and health" with 0.64 percent, whereas the construction activity grew by 0.53 percent.
  
Moreover, INSTAT declared that most of the sectors in 2017 contributed positively to the economy, except agriculture and the sector of information and communication.
  
The data given illustrates that the growth of the "financial and insurance activities" sectors has been the largest growth with 11.24 percent reflecting once again the good performance of the banking sector in Albania.
  
Furthermore, in the fourth quarter of 2017, housing and food service sector increased by 21.99 percent compared to the last quarter of 2016, as a result of the growth of the tourism sector and investments in this sector.
  
Meanwhile, the electricity sector saw the biggest fall, as a drought has led to the reduced production of power plants, according to the INSTAT.