The Gross Domestic Product (GDP) in Albania expanded 2.10 percent in the second quarter of 2021 over the previous quarter. source: Instituti i Statistikave (INSTAT)

GDP Growth Rate in Albania averaged 0.83 percent from 2005 until 2021, reaching an all time high of 11.16 percent in the third quarter of 2020 and a record low of -8.35 percent in the second quarter of 2020. This page provides - Albania GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Albania GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2021.

GDP Growth Rate in Albania is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Albania GDP Growth Rate is projected to trend around 0.90 percent in 2022, according to our econometric models.

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Albania GDP Growth Rate

Calendar GMT Actual Previous Consensus TEForecast
2021-06-29 10:00 AM Q1 2.3% 1.15% -1%
2021-09-30 10:00 AM Q2 2.1% 2.3% -0.5%
2021-12-23 11:00 AM Q3 2.1% 2.5%

Albania Last Unit Reference Previous Highest Lowest
GDP Growth Rate 2.11 percent Jun/21 2.30 11.16 -8.35
GDP Annual Growth Rate 17.90 percent Jun/21 5.53 17.90 -11.33
GDP Constant Prices 403051.40 ALL Million Jun/21 394702.10 403051.40 171020.40
Gross Fixed Capital Formation 110897.82 ALL Million Jun/21 74053.93 374058.00 60899.38
GDP From Services 58814.49 ALL Million Jun/21 60983.70 61353.54 44142.25
GDP From Public Administration 48097.52 ALL Million Jun/21 48337.02 48337.02 28596.61
GDP From Mining 61291.16 ALL Million Jun/21 54071.04 61291.16 30230.56
GDP From Manufacturing 27995.53 ALL Million Jun/21 27534.91 27995.53 14011.10
GDP From Construction 42013.41 ALL Million Jun/21 36317.72 47201.85 27914.69
GDP From Agriculture 66840.75 ALL Million Jun/21 67057.65 67528.89 50351.38

Albania GDP Growth Rate
Albania’s most important sector is services (60 percent of GDP) with banking, communications and tourism driving the growth. The manufacturing industry accounts for 20 percent of GDP. The remaining 20 percent goes to agriculture which is dominated by small family owned operations and employs almost half of the labour force. Remittances also have a big importance for the economy and account for around 8 percent of GDP. On the expenditure side, household consumption is the main component of GDP and accounts for 78 percent of its total use, followed by gross fixed capital formation (26 percent) and government expenditure (11 percent, as collective expenditure accounts for 6 percent and individual expenditure accounts for 5 percent). By contrast, net exports of goods and services contributes negatively accounting for -18 percent of total GDP, as exports accounts for 35 percent while imports accounts for a much higher 53 percent.