The Gross Domestic Product (GDP) in Albania contracted 8.80 percent in the second quarter of 2020 over the previous quarter.

GDP Growth Rate in Albania averaged 0.62 percent from 2005 until 2020, reaching an all time high of 6 percent in the second quarter of 2005 and a record low of -8.80 percent in the second quarter of 2020. This page provides - Albania GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Albania GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.

GDP Growth Rate in Albania is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Albania to stand at 0.80 in 12 months time. In the long-term, the Albania GDP Growth Rate is projected to trend around 1.00 percent in 2021 and 0.90 percent in 2022, according to our econometric models.

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Albania GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-8.80 -0.70 6.00 -8.80 2005 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2019-12-24 11:00 AM Q3 1.7% 0.68% 0.7%
2020-03-27 11:30 AM Q4 -0.2% 1.7% 0.6%
2020-06-30 10:00 AM Q1 -0.3% -0.6% -0.1%
2020-09-30 10:00 AM Q2 -8.8% -0.7% -4.5%
2020-12-24 11:00 AM Q3 -8.8% 0.3%

Albania GDP Last Previous Highest Lowest Unit
GDP Growth Rate -8.80 -0.70 6.00 -8.80 percent [+]
GDP Annual Growth Rate -10.23 -2.27 13.50 -10.84 percent [+]
GDP 15.28 15.15 15.28 0.65 USD Billion [+]
GDP Constant Prices 344084.80 383471.20 387055.30 171020.40 ALL Million [+]
Gross Fixed Capital Formation 61148.00 105088.00 374058.00 61148.00 ALL Million [+]
GDP per capita 5209.40 5074.90 5209.40 1243.60 USD [+]
GDP per capita PPP 13961.80 13601.30 13961.80 3333.00 USD [+]
GDP From Agriculture 68397.46 67535.52 68397.46 50326.85 ALL Million [+]
GDP From Construction 30929.03 31439.70 45982.58 28029.69 ALL Million [+]
GDP From Manufacturing 21073.36 23756.66 26362.22 14555.77 ALL Million [+]
GDP From Mining 46577.83 49878.89 53055.39 28652.04 ALL Million [+]
GDP From Public Administration 41584.94 43974.18 44971.32 26842.08 ALL Million [+]
GDP From Services 43752.47 61073.32 61149.42 43752.47 ALL Million [+]


Albania GDP Growth Rate
Albania’s most important sector is services (60 percent of GDP) with banking, communications and tourism driving the growth. The manufacturing industry accounts for 20 percent of GDP. The remaining 20 percent goes to agriculture which is dominated by small family owned operations and employs almost half of the labour force. Remittances also have a big importance for the economy and account for around 8 percent of GDP. On the expenditure side, household consumption is the main component of GDP and accounts for 78 percent of its total use, followed by gross fixed capital formation (26 percent) and government expenditure (11 percent, as collective expenditure accounts for 6 percent and individual expenditure accounts for 5 percent). By contrast, net exports of goods and services contributes negatively accounting for -18 percent of total GDP, as exports accounts for 35 percent while imports accounts for a much higher 53 percent.