Current Account deficit widens 20% to 1.035 billion euro in fourth quarter
TIRANA, Jan 4lbania’s current account deficit rose by 20% on the year to 1.035 billion euro ($1.489 billion) in the first nine months of 2009, data of the country’s central bank showed.
Albania’s current account gap in 2008 was 1.3 billion euro, equivalent to 15.2% of the gross domestic product (GDP), versus 831 million euro deficit, or 10.5% of GDP, in 2007.
Albania, one of Europe’s poorest countries, posted an 8.0% increase in economic activity in 2008. Its economy has been expanding at an average rate of 6.0% over the past couple of years. The government in Tirana has projected economic growth of 6.5% for the current year, compared to 5.0% growth forecast for 2009.
Balance of Payments (in millions of euro):
Q4-09 Q4-08 2008
CA Balance -1,034.6 -861.5 -1,318.9
-Trade balance -1,674.6 -1,690.6 -2,431.5
– Services +48.8 +66.0 +69.5
– Net income -69.7 +58 +106.4
– Current transfers +661.1 +705.2 +963.8
Capital Account +67.9 +57.8 +78.2
Financial Account +834.4 +689.7 +1,454.6
Direct Investments +565.4 +350.7 +590.5
Total Balance +54.6 +101.4 +191.9
