Albania has recorded a ‘positive external balance’ as an open economy for the first time in its history, tha authorities say.
Referring to the data of the Bank of Albania, during the third quarter of 2023 the balance was positive in the amount of 354 million euros, while in the same period a year ago Albania recorded a deficit of 145 million euros.
Tourism made the main contribution to this positive balance. Travel revenue for the third quarter reached a record 1.66 billion euros, an increase of 56.5% compared to the same period last year.
While net income, deducting outflows, also marked a record value of 885 million euros, increasing by 75% compared to last year. For the 9th month of 2023, the net income from tourism reached 1.46 billion euros, an annual increase of 73%.
According to the Bank of Albania, for the entire 9-month period, the garment production industry also brought net income to the economy in the amount of 592 million euros, an increase of 25% compared to a year ago.
Remittances from abroad continue to make a positive contribution to the country’s current account balance. For the 9-month period, immigrants’ remittances reached the value of 677 million euros, increasing by 14% compared to a year ago.
Officials add that due to the increase in foreign direct investments, this year more currency has entered the Albanian economy than it has left, affecting the devaluation of the Euro and the strengthening of the Lek in the country.
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