Albania's gross domestic product shrank by 10.23 percent year-on-year in the second quarter of 2020, the most since 1997 and following a 2.27 percent contraction in the previous period, as the COVID-19 crisis hit activity and demand. Household consumption slumped by 7.57 percent (vs 1.44 percent in Q1) and fixed investment plunged by 11.14 percent (vs -15.69 percent in Q1). Also, public spending declined by 0.65 percent (vs 0.43 percent in Q1) and net external demand contributed negatively to the GDP as exports fell more than imports.
GDP Annual Growth Rate in Albania averaged 3.70 percent from 1996 until 2020, reaching an all time high of 13.50 percent in the fourth quarter of 1999 and a record low of -10.84 percent in the fourth quarter of 1997. 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 2020.
GDP Annual Growth Rate in Albania is expected to be -3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Albania to stand at 4.50 in 12 months time. In the long-term, the Albania GDP Annual Growth Rate is projected to trend around 3.80 percent in 2021 and 3.20 percent in 2022, according to our econometric models.