In 2020, Albania's GDP declined 3.5 percent, after a 2.1 percent expansion in 2019 due to Covid-19. Albania’s growth was robust in 2021 and averaged 10.4 percent over the first three quarters, fully offsetting the losses caused by the pandemic-induced recession, according to World Bank. The World Bank projects economic activity to expand at its pre-pandemic, pre-earthquake historical rate in 2022. However, the war in Ukraine could further increase inflation, disrupt supply chains, disturb financial markets and undermine confidence; all of which could dim Albania’s growth prospects. source: Instituti i Statistikave (INSTAT)
Full Year GDP Growth in Albania averaged 3.85 percent from 1997 until 2020, reaching an all time high of 12.89 percent in 1999 and a record low of -10.92 percent in 1997. This page includes a chart with historical data for Albania Full Year GDPGrowth. Albania Full Year GDP Growth - values, historical data and charts - was last updated on July of 2022.
Full Year GDP Growth in Albania is expected to reach 2.80 percent by the end of 2022, according to Trading Economics global macro models and analysts expectations. In the long-term, the Albania Full Year GDPGrowth is projected to trend around 3.10 percent in 2023 and 3.50 percent in 2024, according to our econometric models.