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The economy remains weak even at the end of the year. Who are the sectors that still keep it "on its feet"

2023-12-22 13:28:08Biznes SHKRUAR NGA REDAKSIA VOX

The economy remains weak even at the end of the year. Who are the sectors that

The economy has continued to grow at a slow pace even in the third quarter of the year, with 3.46%, from 3.38% which was the growth on an annual basis in the second quarter, failing to accelerate, despite the fairly good tourist season. Household consumption also increased minimally by only 2%, from 4.18% in the second quarter.

Construction and real estate continued to lead growth, accounting for a third of growth. The economy was positively affected by the increase in salaries in the public administration, while "Public Administration, Education and Health" also affected a third of the increase.

Although consumption was boosted by tourism, Trade, Transport, Accommodation and food service contributed to only 7% of the economy's growth, as tourists do not seem to have succeeded in amortizing the decline in population numbers, as a result of high immigration trends.

The industry had a negative impact (-0.34 percentage points), which is suffering both from the unfavorable international conjuncture of product prices, as well as from the increase in costs and the fall of the euro.

The contribution of agriculture was also negative (-0.17 percentage points), mainly influenced by the negative performance of livestock.

INSTAT announced that the Gross Domestic Product (GDP) in the third quarter of 2023 is estimated to increase by 3.46%, compared to the third quarter of 2022. In the second quarter, the economy had grown by 3.38% (from 3.23 % which was the estimate in the previous publication), while in the same period of 2022 with 4.9%.

Positive contributions were made by the branches: Public Administration, Education and Health with +1.20 percentage points, Real Estate Activities with +0.68 percentage points, Construction with +0.45 percentage points, Professional Activities and Administrative Services with +0.43 percentage points , Information and Communication with +0.26 percentage points, Trade, Transport, Accommodation and Food Service with +0.24 percentage points, Arts, entertainment and recreation; other service activities with +0.24 percentage points, Financial and Insurance Activities with +0.09 percentage points.

The group: Industry, Energy and Water contributed negatively with -0.34 percentage points, Agriculture, Forestry and Fisheries with -0.17 percentage points. Net taxes on products contributed positively by +0.37 percentage points.

Industry and agriculture fall, construction and real estate increase

The activity of Agriculture, Forestry and Fishing recorded a decrease of 0.50%. The activity of Industry, Energy and Water had a decrease of 2.89%. Construction activity had an increase of 4.72%.

The group of activities Trade, Transport, Accommodation and Food Service had an increase of 0.77%. The group of activities Information and Communication appeared with an increase of 8.97%. Financial and Insurance activity has recorded an increase of 4.50%. Real Estate activity has recorded an increase of 12.20%.

The group of professional activities and administrative services appeared with an increase of 7.55%. The group of Public Administration, Education and Health activities showed an increase of 11.18%. The group of activities Arts, entertainment and recreation, Other service activities had an increase of 11.28%. Net taxes on products increased by 2.87%.

Poor consumption

The main components of GDP with the expenditure method, for the third quarter of 2023, compared to the third quarter of 2022, are shown as follows:

The final consumption of the population, which constitutes the main share of expenses in the economy, increased by 2.06%.

The final consumption of the government appeared with an increase of 12.28%. The component of gross fixed capital formation increased by 2.11%.

Exports of goods and services increased by 17.91%, while Imports of goods and services decreased by 2.05%.


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