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Albania’s govt lowers 2019 economic growth projection to 3.4%

Albania’s govt lowers 2019 economic growth projection to 3.4% GDP, Creative Commons. Author:LendingMemo.com

TIRANA (Albania), November 5 (SeeNews) – Albania’s government has decided to lower its projection for 2019 economic growth to 3.4% from 4.3% forecast at the beginning of the year, finance minister Anila Denaj said.

The downward revision of the economic growth forecast comes after a slowdown in the first two quarters of the year, Denaj said in video file posted on Facebook on Monday.

The sectors of electricity production, entertainment and recreation had a negative impact on Albania's economy in the second quarter of 2019, Denaj  added.

However, she said that the budget would maintain its forecasts for debt and budget deficit made at the beginning of 2019.

By the end of the year, the government aims to keep the budget deficit equivalent to 1.9% of gross domestic product (GDP) and public debt at around 64% of GDP, minister Denaj noted.

Albania's GDP grew by 2.31% year-on-year in the second quarter of 2019 after increasing by 2.21% in the first quarter, the office of statistics has said. Last year, GDP grew by 4.45% and 4.32% in the first and second quarter, respectively.

In 2018, Albania's GDP grew by 4.06%, after a 3.84% increase in 2017.

Albania’s 2019 budget projects economic growth of up to 4.3% and deficit equivalent to 1.9% of GDP.

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