Albania's FDI inflow hits record high in 2023 despite slower growth-Xinhua

Albania's FDI inflow hits record high in 2023 despite slower growth

Source: Xinhua

Editor: huaxia

2024-03-26 22:28:45

TIRANA, March 26 (Xinhua) -- Albania experienced a notable surge in foreign direct investment (FDI) in 2023, reaching a record 1.49 billion euros (approximately 1.62 billion U.S. dollars), the central bank said on Monday.

Despite achieving a record volume, the Bank of Albania (BoA) reported a slower year-on-year FDI growth rate, which decreased to 8.7 percent from the 33 percent growth reported in 2022.

Notably, the fourth quarter witnessed a minor decline in FDI inflow compared to the July-September period, totaling 402 million euros, down from the 406 million euros registered in the third quarter.

Last year, the Netherlands was the largest source of investment for Albania, contributing nearly 300 million euros in FDI inflow. Italy and Turkey followed, with 203 million euros and 179 million euros respectively, according to BoA data.

The real estate sector proved to be a primary attraction for investment, drawing in 103 million euros in the fourth quarter alone. This was followed by the finance and insurance sectors, as well as the mining and quarrying sectors, which received 71 million euros and 70 million euros respectively. (1 euro = 1.09 U.S. dollar)