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Albania's GDP grows 3.08 percent yr/yr in Q3 of 2016
January 12, 2017 / 1:39 PM / a year ago

Albania's GDP grows 3.08 percent yr/yr in Q3 of 2016

TIRANA, Jan 12 (Reuters) - Albania’s gross domestic product increased annually by 3.08 percent in the third quarter of 2016, helped by growth in trade and tourism, the Institute of Statistics said on Thursday.

The economy expanded by 0.89 percent on a quarter-by-quarter basis in the July-September period, the Institute added.

The Institute told Reuters growth for the nine-month period from January to September had reached 3.27 percent, a little short of the 3.4 percent target of the Albanian government and the International Monetary Fund.

As in the second quarter of 2016, trade, hotels and restaurants contributed most to economic growth, accounting for 1.12 percentage points, followed by construction.

Manufacturing, mining, energy and water shrank by 0.30 percentage points.

Albania’s central bank has cut interest rates to a record low of 1.25 percent to boost lending.

Last month the bank said: “Economic growth is estimated to have been somewhat strengthened in the second half of 2016” by a revival of consumption and private investment.

“Economic activity in the second half of the year has been helped by the accelerated use of budget spending (funds) and a rise in foreign demand in the tourism sector,” the bank added. (Reporting By Benet Koleka; Editing by Gareth Jones)

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