Albania’s Economy Grows By 9.9%

Tirana, Dec 17 – Economic growth registered a record high of 9.9%, in the third semester ending Sept. 30, National Institute of Statistics, INSTAT, announced today in a conference. This is the highest growth ever registered.
“We have worked closely with an IMF expert for this project”, INSTAT head, Mrs. Ines Nurja said. The name of IMF expert that worked in the project is still unknown, despite the fact that he was mentioned several times during last months.
“It was the IMF expert that agreed with data showing this spectacular growth”, said Minister of Finance Ridvan Bode, in October.
The IMF have not confirmed such claim.
In the last public appearance on November 11, IMF Mission Chief Gerwin Bell, said that “growth has remained buoyant and on track to reach 6 percent again this year”. IMF warned also that due to the Global Financial Crisis, growth can decelerate to 3.5-4.0 percent in 2009.
Albanian experts have raised serious questions on the accuracy of the data presented by INSTAT.
“I don’t think that is an accurate projection because, the previous projection of the IMF is 6 per cent,” Shkelcim Cani, the former governor of the Bank of Albania, told Balkan Insight.
“Nothing has happened, such change is like a car shifting from 60 to 100 kilometres and we would noticed it,” Cani added.
INSTAT presented on Wednesday for the first time quarterly data on GDP growth. Construction of Durres-Kukes highway was the main factor for this spectacular growth together with tourism. Industry contracted by 6.4% in the third semester, compared to the previous quarter, but grew by 2.2% on yearly bases.