TIRANA, Oct 1 /ATA/ - Albanian economy grew by an annual 4.06 % in the second quarter of 2024, up from a 3.63% increase in the first quarter, the National Institute of Statistics (INSTAT) said on Tuesday.
INSTAT revealed the revised data on GDP growth estimation under the quarterly production and expenditure methodology for the period between 2018 and 2.2024. These updates are part of a routine process that the institute conducts at least every five years in collaboration with Eurostat, aiming to enhance the accuracy and relevance of economic data.
Real GDP growth in the first half of 2024 is estimated at 3.94 %. On a quarterly comparison basis, Albania's economy advanced by 1.18% in the April-June period.
According to INSTAT, the main contributors to the annual GDP growth were trade, transport , accommodation and food services, which added 1.12 percentage points, construction also by 1.12 percentage points, public administration, health and education with 0.86 percentage points, and professional and administrative services with 0.62 points.
According to the INSTAT report, household final consumption which shares an important part in total economy had an increase by 6.01%, general government consumption increased by 6.72%, gross fixed capital formation increased by 3.81%, exports of goods and services increased by 4.89%, while Imports of goods and services increased by 5.64%.
