TIRANA (Albania), March 27 (SeeNews) – Albania's gross domestic product (GDP) grew by about 2.2% in 2019 compared to the previous year, based on preliminary quarterly estimates, the country's statistical office said on Friday.
In the fourth quarter alone, GDP decreased by 0.15% year-on-year, INSTAT said in a quarterly economic growth report.
On a quarterly comparison basis, GDP shrank by 0.22% in the three months through December.
The sectors that gave a negative contribution to GDP growth in the fourth quarter of 2019 as compared to the like period of 2018 were construction, professional and administrative services, arts, entertainment and recreation services, as well as agriculture, forestry and fishing and other services.
The main growth engines in the October-December period of 2019 were industry, electricity and water, trade, accommodation and food services, real estate, as well as financial and insurance services, public administration, education and health.
Albania’s government earlier this week decided to cut its 2020 GDP growth forecast to 2.0% from 4.1% originally projected in the budget law due to the adverse impact of the coronavirus disease on the economy.