Albania Economic Outlook
October 5, 2021National accounts data for the second quarter revealed that GDP expanded at the fastest pace on record (Q2: +17.9% yoy; Q1: +5.5% yoy), albeit largely due to a low base effect. The improvement was broad-based, with all components registering quicker growth rates. Most notably, exports skyrocketed amid easing restrictions across key trading partners. Turning to Q3, momentum seemingly carried over—despite the fading base effect—with both merchandise imports and exports expanding at robust rates in July and August, while tourist arrivals approached pre-pandemic levels in the same months. Lastly, on 17 September, parliament approved Prime Minister Edi Rama’s cabinet picks, boding well for the implementation of the PM’s agenda, which centers on the economic recovery and reducing public debt.
Albania Economic GrowthThe economy is set to rebound this year on the back of strengthening consumer and capital spending, before growth moderates somewhat in 2022. The gradual reopening of economies abroad should continue to bolster the all-important tourism industry. Nevertheless, delays in EU membership talks and risks stemming from the health crisis weigh on the outlook. FocusEconomics panelists project the economy to expand 6.3% in 2021. In 2022, the panel sees the economy growing 4.3%, which is up 0.1 percentage points from last month’s forecast.
Albania Economy Data
5 years of Albania economic forecasts for more than 30 economic indicators.
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|Exchange Rate||108.6||-0.56 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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