Albania's gross domestic product expanded 17.9 percent year-on-year in the second quarter of 2021, following a 5.5% rise in the previous period. It was the highest growth rate ever as the economy rebounded sharply from a record fall a year earlier due to the Covid crisis.. All economic branches had a positive contribution to this historical growth rate as gross fixed capital formation jumped 35.8 percent, government expenditure rose 11 percent, and household consumption increased 9.8 percent. Meantime, foreign demand contributed positively to growth as exports surged 130.6 percent while imports went up 53.6 percent. On a quarterly basis, the economy expanded by 2.1 percent. source: Instituti i Statistikave (INSTAT)
GDP Annual Growth Rate in Albania averaged 3.77 percent from 1996 until 2021, reaching an all time high of 17.90 percent in the second quarter of 2021 and a record low of -11.33 percent in the second quarter of 2020. This page provides the latest reported value for - Albania GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Albania GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2021.
GDP Annual Growth Rate in Albania is expected to be 4.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Albania GDP Annual Growth Rate is projected to trend around 5.00 percent in 2022 and 4.00 percent in 2023, according to our econometric models.