The Gross Domestic Product/Economy grew by 3.44% during 2023

The Albanian economy continued its upward trend in the fourth quarter of 2023. INSTAT today published the report on Gross Domestic Product (GDP).

"Gross Domestic Product (GDP) in the fourth quarter of 2023 is estimated to increase by 3.80%, compared to the fourth quarter of 2022. With the fourth quarter estimate, INSTAT provides a preliminary estimate of GDP for the year 2023, which based on quarterly estimates, marked an increase of 3.44% compared to 2022. As for changes compared to the previous quarter, the
seasonally adjusted Gross Domestic Product indicator is estimated to increase by 0.79%. , informs INSTAT.

According to INSTAT, positive contribution to the growth of the economy was made by the branches: construction with 1.28%, public administration, education and health with 1.01%; professional activities and administrative services with 0.66%; real estate activities with 0.58%; arts, entertainment and recreation; other service activities with 0.46%; information and communication with 0.28%, financial and insurance activities with 0.15%; trade, transport, accommodation and food service with 0.07%.

INSTAT informs that the group: Agriculture, Forestry and Fishing contributed negatively with 0.72%, Industry, Energy and Water with 0.23%.

According to INSTAT, consumption has also increased by 1.55%, which was stimulated by tourism, while the estimates of financial institutions predict that the economic growth will be around this figure throughout the year 2024./ INSTAT