GDP falls with 0.2%

09/07/2012 00:00

The institution of statistics declared that the GDP shrank in the first
trimester of the year, for the second time since 2009, when the economy
was firstly affected by the crisis.

“The GDP in the first trimester of 2012 decreased with 0.2% compared to the first trimester of 2011, while compared to the fourth trimester of 2011, it reduced with 1.2%”, declared Etugert Llazi, representative of INSTAT.

The economic reduction came after the strong reduction of the industrial production with more than 19.3% and the deepening of the construction sector crisis.

“Industry had a reduction of 19.3% during this trimester, compared to the same trimester of one year ago. The construction sector during 2012 had a decrease of 17.6%, compared to the first trimester of 2011. The Post and Communication branch had a decrease of 4.8%, compared to one year ago and 1% compared to the previous trimester”, INSTAT declared.

The increasing sectors are agriculture, with 4.5%, commerce, with 5.3% and other services with 11.1%. The figures of the first trimester show that the economic crisis has deepened during this year. Officially, Albania is not in recession, but if the GDP will shrink even in the second trimester, Albania will officially enter an economic recession, an unseen situation since 1997.

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