Albania Economic Outlook
September 8, 2020
The economy likely contracted sharply in Q2, hit by the pandemic and associated lockdown measures, and available data for Q3 points to a still difficult economic situation. After having vanished in Q2, tourist arrivals were still almost two thirds lower in July compared to the same month in 2019. Likewise, exports contracted at a softer, albeit still sustained, rate in the same month, showing anemic foreign demand. The notable reduction in economic activity, coupled with increased counter-cyclical spending, led to a significant widening of the budget deficit in January–July, according to the finance ministry, increasing the pressure on the country’s already-weak fiscal position. Meanwhile, in late August, the government announced it was seeking a USD 80 million loan from the World Bank to support public funds and improve the fiscal system.Albania Economic Growth
GDP is projected to contract heavily this year as lockdown measures undercut the tourism industry. Moreover, soaring unemployment and falling consumer confidence will constrain household spending, while companies will delay investment projects. A widening government deficit in response to the crisis clouds the outlook. FocusEconomics panelists project the economy to contract 5.5% in 2020, which is up 0.1 percentage points from last month’s estimate. In 2021, the panel sees the economy growing 6.2% in 2021.Albania Economy Data
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Albania Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 108.6 | -0.56 % | Jan 01 |
| Stock Market | 0.1 | 0.0 % | Jan 07 |
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