Albania floods: No major impact on GDP expected as key hydropower sector moves out of crisis

TIRANA, Dec. 4 – The massive floods that affected central and southern Albania over last weekend are expected to have no major impact on the country’s GDP growth despite significant damage to thousands of homes, the agriculture sector and public infrastructure. Experts estimate the negative effect on the GDP growth prospects is expected to be compensated by a sharp cut in electricity imports, having cost the country’s hydro-dependent power sector a staggering €200 million, about 0.2 percent of the GDP, in costly imports since mid-2017. Albania’s Civil Emergencies Committee says more than 3,300 homes, 40 businesses and 10,000 hectares of…