Albania Registers Slight Upturn in Late 2013

Albania's economy grew by a modest 1.1 per cent in the fourth quarter of 2013, compared with the same period in 2012, the head of INSTAT, Gjergj Filipi, said.

Filipi said the sectors registering highest growth were industry, construction and trade, with the latter accounting for the lion's share.

“The industrial sector registered growth of 7.8 per cent in the last quarter of 2013, trade saw growth of 7.04 per cent, construction, 3.66 per cent and agriculture, 1.23 per cent,” he added.

Although the figures confirm that the Albanian economy has avoided falling into a recession, it remains stagnant and underperforming. Estimated preliminary GDP growth for 2013 as a whole, according to INSTAT, is 0.44 per cent.

If this estimate is confirmed, 2013 would be the worst performing year since 1997, when the country was engulfed by a crisis following the collapse of a number of pyramid investment schemes.