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Albania's GDP grows 3.8% y/y in Q3

Albania's GDP grows 3.8% y/y in Q3 Albania flag

TIRANA (Albania), December 24 (SeeNews) – Albania's gross domestic product (GDP) grew by 3.81% year-on-year in the third quarter of 2019, the office of statistics said on Tuesday.

On a quarterly comparison basis, Albania's GDP increased by 1.70% in the July-September period, the statistical office, INSTAT, said in a quarterly  report.

In the second quarter of 2019, Albania's GDP grew by an estimated 2.31% year-on-year and was 0.68% higher on a quarterly comparison basis.

The main growth engines in the third quarter of 2019 were trade, transport, accommodation and food services, as well as manufacturing and production of electricity and water.

In 2018, Albania's GDP grew by 4.06%, after a 3.84% increase in 2017, according to preliminary estimates released by INSTAT earlier this year.

The government has forecast economic growth of 3.4% and budget deficit equivalent to 1.9% of GDP in 2019 in the state budget.