Albania GDP slows down in 2023: INSTAT-Xinhua

Albania GDP slows down in 2023: INSTAT

Source: Xinhua| 2024-04-03 20:52:00|Editor: huaxia

TIRANA, April 3 (Xinhua) -- Albania's gross domestic product (GDP) increased by 3.44 percent in 2023, down 1.42 percent from 2022, the National Institute of Statistics (INSTAT) said on Tuesday.

In the fourth quarter of last year, the country's economy expanded by 3.80 percent year on year while the third quarter grew by 3.83 percent.

According to INSTAT, positive contributions to GDP growth came from such sectors as construction, real estate, public administration, education and health. But agriculture and industry sectors experienced a decline in growth.

Despite booming tourist activities, growth rate for consumption dropped to 2.96 percent in 2023 as compared with 7.37 percent in 2022, which was also the lowest since the pandemic.