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Albania's economy grows 5.97% y/y in Q1 - prelim estimate

Albania's economy grows 5.97% y/y in Q1 - prelim estimate Author: Citypark Tirana-Albania. Licence: All rights reserved.

TIRANA (Albania), June 30 (SeeNews) - Albania's gross domestic product (GDP) increased by an annual 5.97% in the first quarter of 2022, after growing by 5.52% year-on-year in the previous quarter, the country's office of statistics said on Thursday.

On a quarterly comparison basis, Albania's GDP increased by 1.56% in the January-March period, the statistical office, INSTAT, said in a quarterly report.

The sectors that mostly contributed to the country's economic growth in the first quarter of 2022 were construction, trade, transport, accommodation and food services, and real estate.

In 2021, Albania's GDP grew by 8.54% after decreasing by 3.48% in 2020, according to preliminary estimates released by INSTAT earlier this year.

The World Bank projects economic growth of 3.2% in 2022 for Albania, while the IMF expects Albania's economy to expand by 2% this year.

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