Albania GDP Annual Growth Rate

Last Release

Dec 31, 2022

Actual

4.73

Units In

4.02

Frequency

Quarterly

Next Release

Dec 24, 2024

Time to Release

2 Months 20 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
18.38 Jun 2021	-11.33 Jun 2020	3.86 %	1996-2022	Instituti i Statistikave (INSTAT)

In Albania, the most important component on the expenditure side of the GDP is household consumption (78 percent) followed by gross fixed capital formation (26 percent) and government expenditure (11 percent). Net exports of goods and services subtracts 18 percent from the GDP as exports accounts for 35 percent and imports for 53 percent.

Latest Updates

Albania's gross domestic product rose 4.1 percent year-on-year in the second quarter of 2024, accelerating from a 3.6% growth in the previous three-month period and marking the highest growth rate since Q4 2022. Government spending increased at a higher rate (6.7% vs 4.3% in Q1 2024) as well as household consumption (6.0% vs 3.7%). In contrast, gross capital formation slowed (3.8% vs 7.7%). Meanwhile, exports rebounded (4.9% vs -9.9%) and imports rose at a slower pace (5.6% vs 7.6%). On a quarterly basis, the economy grew 1.2%.