Economic growth improves, consumption drops again
05/10/2015 15:20
The Washington Agreement Must Be Reactivated! 06/01 19:04
The Institution of Statistic reported that the economic growth slowed
down with 2.53% in the second trimester of of year, from 2.76 that it
was in the trimester before it. Detailed data show that the escape boat
for the Albanian economy for the April-June period was construction,
mainly in public works, while growth for the other sectors was slow.
“The main contribution in this growth has come from construction, with 1.96%, Industry, Energy and Water with 0.72%, public administration, education and health with 0.46%, trade, hotels, restaurants and transportation with 0.15%. Insurance and financial activities with 0.03%, Information and Communication with 0.01%. The branches that have contributed negatively are agriculture, forests and fishing, with 0.16%”, says Gjergji Mano, director of the INSTAT national accounts.
Although positive, the economic growth seems insufficient to impact the citizens’ lives. According to INSTAT, families shrank their consumption for the second consequent trimester, this time with a stronger pace.
“The final consumption of the population, which makes the main burden of spending in economy, dropped with 3.16% in the second trimester of 2015, compared to the second trimester of 2014”, says Mano.
This means that the economic growth comes entirely from investments, which are having a revival after years of dropping.
“The component of raw formation of the fixed capital increased with 19.02% compared to the second trimester of 2014. Exports of goods and services dropped with 2.47%, compared to the second trimester of 2014, while imports of goods and services dropped with 13.9% comapred to the second trimester of 2014”, Mano says.
The economic growth for the first semester is 2.63%. The government and the IMF expect an annual growth of 2.7%.
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