GDP growth for 2012 has been lowered to 1.25 percent down from an estimated 1.6 percent, according to INSTAT’s revised flash estimates
TIRANA, Jan. 13 – Albania’s Institute of Statistics (INSTAT) has made several reviews to the country’s quarterly GDP growth rates lowering Albania’s growth rate for 2010-2012 period and revising it upward for the first half of this year. In its latest publication on the third quarter of 2013 when the Albanian economy contracted by 2.23 percent year-on-year, INSTAT revised upward the growth rate for the first quarter of 2013 to 1.87 percent, up from a previous estimate of 1.7 percent while the growth for the second quarter of the year was raised to 1.68 percent, up from 1.1 percent previously.
The revisions to the growth rates mean the Albanian economy has grown by 0.4 percent in the first three quarters of 2013, up from an estimated 0.2 percent under the previous growth rates.
The revision of quarterly growth rates has also affected Albania’s annual GDP growth for the 2010-2012 period when Albania grew by an average of 3 percent, remaining one of the best performing economies in the region.
Revised semi-final data show the Albanian economy grew by 3 percent in 2010, down from an estimated 3.8 percent. Preliminary data for 2011 show the Albanian economy grew 2.9 percent in 2011 compared to an estimated 3.1 percent, according to previous INSTAT cited by the Finance Ministry and international financial institutions.
GDP growth for 2012 has been lowered to 1.25 percent down from an estimated 1.6 percent, according to INSTAT’s flash estimates.
In its latest quarterly publication for the third quarter of 2013, INSTAT said Albania’s national accounts will undergo methodological reviews under IPA 2007 and IPA 2011 projects as well as recommendations by the IMF.
Latest data published by the country’s Institute of Statistics showed the Albanian economy shrank by 2.26 percent in the third quarter of 2013 during the transition to a new government after the June 23 general elections, registering the poorest quarterly performance since 2005 when INSTAT started publishing quarterly data.
This is Albania’s third quarterly shrink in the past five global crisis years when it registered an average growth of 3 percent from 2009 to 2011 and 1.6 percent in 2012, remaining one of the best performing economies of the region. The Albanian economy shrank by 1.5 percent in the final quarter of 2009 and declined by 0.4 percent in the first quarter of 2012, according to INSTAT.
