Albania record construction spending in Europe in 2023

The economy's dependence on the construction sector in Albania was the highest in Europe in 2023, according to data recently updated by Eurostat.

Nominal spending on construction in relation to Gross Domestic Product (GDP) in 2023 in Albania was 19.1%, from 18.8% last year.

This figure is the highest in Europe, while the European Union average for this indicator is around 11%.

The second place after Albania was Romania, with 17.9%, followed by Sweden, with 15.7%.

In the region, North Macedonia ranks after us, with 13.3%, followed by Bosnia with 2.5%, Montenegro 11.4% and finally Serbia with 9.6%.

The last in Europe is Greece, whose nominal expenditure on construction was only 4.9% of GDP.

Construction and real estate accounted for nearly 50% of economic growth

Other INSTAT data revealed that both real estate and construction activities, which in recent years entered a new growth cycle, were the main factors that influenced the economic growth of 2023.

INSTAT announced that the economy grew by 3.44% in 2023.

The data shows that construction and real estate accounted for nearly 50% of this growth, with the strongest effect in the first and last quarters.

Yes, according to INSTAT, the construction activity reached 235 billion ALL, or about 2.2 billion euros, with an increase of 9.7%. Like real estate, construction also restarted the cycle after 2019.

According to INSTAT data, real estate transactions reached 137 billion ALL last year, or about 1.3 billion euros. This is the highest level of sales ever recorded.