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May 15, 2023 16:10 EEST
May 15 (SeeNews) - The European Commission said on Monday it expects Albania's gross domestic product (GDP) to expand by a real 2.9% this year, revising up its 2.6% projection made in November.
The slowdown from a 4.8% growth in 2022 is chiefly a result of a decline in business lending following continued increase in interest rates, the Commission said in its Spring 2023 Economic Forecast.
The Commission also raised to 3.8% its GDP growth projection for 2024, from 3.4% made in the autumn.
The Commission projects Albania's inflation this year at 4.6%, as compared to 4.1% forecast in the autumn, as import prices decelerate and domestic price pressures remain high. In 2024, inflation is seen to approach 3%.
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