Albanian economy grew by 2,96% in the first quarter of 2016

Albanian Institute of Statistics (INSTAT) says that in the first three months of the year, the Albanian economy has seen a growth of 2,96%. Head of INSTAT, Mirela Muca said that the main effect on this growth has been given by trade and tourism. “In the first quarter of 2016, Gross Domestic Product (GDP) is estimated to be 2,96% higher as opposed to the first quarter of 2015. The main contribution on this growth has been given by economy branches such as Trade, Hotels, Restaurants and Transport by 0,85%”. Muca also mentions other factors: “Public administration, education and health have contributed by 0,60%. Construction by 0,55%, information and communication by 0,37%, real estate by 0,23%, professional activities and administrative services by 0,21%. The main branches of economy appear with positive and negative figures for the first quarter of 2016 as opposed to the same period of 2015. In the first quarter of 2016, agriculture, forestry and fishing saw a drop of 0,27%. Agriculture, farming and forestry alone saw a rise of 0,1%. The negative effect in this group was given by fishing. Industry, energy and water saw a drop of 2,02% in the first quarter of 2016, compared to the first quarter of 2015. The main effect on this drop has been given by the extractive industry with 22,55%. In the first quarter of 2016, construction saw a rise of 7,58% compared to the first quarter of 2015. Trade, hotel, restaurants and transport saw a rise of 5,75% in the first quarter of 2016 compared to the same quarter a year ago. Meanwhile, information and communication saw a rise of 14,58% in the first quarter of 2016 as opposed to the first quarter of 2015 led by a growth of communication with 18,94%.