April 3, 2017 / 10:25 AM / 6 months ago

Albanian GDP expands 3.46 percent in 2016 - INSTAT

TIRANA, April 3 (Reuters) - Albania’s gross domestic product grew 3.46 percent in 2016 over 2015, the Institute of Statistics said on Monday, according to preliminary estimates based on quarterly figures.

The 2016 growth estimate was in line with 3.4 percent growth forecast by the Albanian government and the International Monetary Fund. They predict growth of 3.7 percent in 2017.

The gross domestic product grew 3.97 percent in the fourth quarter of 2016 over the same quarter in 2015, boosted by trade, hotels, restaurants and transport as well as construction.

Except for the real estate sector, which fell by 0.18 percent, the rest of the economy recorded higher growth in the fourth quarter of 2016 compared to the same period in 2015.

The electrical energy sector contributed 61.94 percent to help the industry, energy and water sector expand by 5.14 percent in the fourth quarter, offsetting a 10.57 percent decline by the extracting industry.

Construction rose by 6.81 percent, helped mainly by private firms that carried out major construction work for the Trans Adriatic Pipeline (TAP AG), the Institute said.

It estimated the gross domestic product grew 0.90 percent in the fourth quarter of 2018 over the third as agriculture, financial services and net taxes underperformed. (Reporting by Benet Koleka; Editing by Tom Heneghan)

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