Albania's GDP contracts 10% y/y in Q2 due to COVID-19

On a quarterly comparison basis, Albania's GDP fell by 8.80% in the April-June period, the statistical office, INSTAT, said in a quarterly report.

The only sectors that positively contributed to the country's economic growth in the second quarter of 2020 were agriculture, forestry and fishing, and real estate.

In 2019, Albania's GDP grew by an estimated 2.2% year-on-year after a 4.06% increase in 2018, according to preliminary estimates released by INSTAT earlier this year.

In July, finance minister Anila Denaj said that Albania expected its economic output to shrink by 4.3% in 2020, Albanian Daily News reported at the time.