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Economy slows in 2023, consumption at lowest levels since pandemic

2024-04-02 14:32:58Biznes SHKRUAR NGA REDAKSIA VOX

Economy slows in 2023, consumption at lowest levels since pandemic

The Albanian economy has grown at a slow pace in 2023, despite the acceleration in the second half of the year.

With the assessment of the fourth quarter, INSTAT gives a preliminary estimate of the GDP for 2023, which, based on the quarterly estimates, marked an increase of 3.44% compared to 2022.

Compared to 2022, when GDP grew by 4.85%, the increase is 1.42 percentage points lower.

Construction, real estate and public administration have been the biggest contributors to growth in 2023, while industry and agriculture showed a negative trend. Meanwhile, consumption was not boosted by the best historical tourism year, where over 10 million foreign nationals visited the country.

Population consumption grew by just 2.96% in 2023, from 7.37% the previous year, marking the lowest levels since the pandemic. Even in the second half of the year, when tourism peaks, consumption grew at a very slow pace (2.21% in the third quarter and 1.55% in the fourth).

Economy accelerates in the fourth quarter, from construction and public administration, but consumption at the lowest level from the pandemic

The economy has shown signs of acceleration in the fourth quarter of the year, growing by 3.8% on an annual basis, according to INSTAT data. However, the growth has come from the construction sector and the public administration, which in the last month of the year allocated about 40% of the capital expenditure funds that it had planned for the whole year.

On the other hand, consumption, an important element of the impact on the economy, has slowed significantly in the fourth quarter, reflecting the effects of immigration, as well as the uneven distribution of economic growth. Consumption grew by just 1.55% in the fourth quarter, down from 2.22% in the third, at the lowest levels since the pandemic.

Meanwhile, INSTAT has also revised the economic growth indicator for the third quarter upwards, from 3.46 in the previous publication, to 3.83% in the latest report. while the second quarter has been revised downward, to 3.29, from 3.38 in the previous publication.

According to INSTAT, the growth of the fourth quarter was influenced by construction and public administration.

The following branches have made a positive contribution: Construction with +1.28 percentage points, Public Administration, Education and Health with +1.01 percentage points, Professional Activities and Administrative Services with +0.66 percentage points, Real Estate Activities with +0.58 percentage points, Arts, entertainment and recreation; other service activities with +0.46 percentage points, Information and Communication with +0.28 percentage points, Financial and Insurance Activities with +0.15 percentage points, Trade, Transport, Accommodation and Food Service with +0.07 points percentage.

The two most important sectors for the economy, agriculture and industry, were in decline.

According to INSTAT, the group: Agriculture, Forestry and Fishing contributed negatively with -0.72 percentage points, Industry, Energy and Water with -0.23 percentage points. Net taxes on products contributed positively by +0.27 percentage points.

According to INSTAT, the Activity of Agriculture, Forestry and Fishing recorded a decrease of 3.07%. The activity of Industry, Energy and Water had a decrease of 2.03%. Construction activity had an increase of 10.80%.

Despite the fact that the tourist season has been extended, its impact on trade, transport and accommodation has been minimal. INSTAT reported that the group of Trade, Transport, Accommodation and Food Service activities had an increase of 0.38%.

The group of activities Information and Communication appeared with an increase of 8.81%. Financial and Insurance activity has recorded an increase of 7.50%. Real Estate activity has recorded an increase of 10.33%. The group of professional activities and administrative services appeared with an increase of 10.78%.

The group of activities of Public Administration, Education and Health appeared with an increase of 8.82%. The group of activities Arts, entertainment and recreation, Other service activities had an increase of 21.42%.

 

 


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