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Balkans News Economy

Albania GDP Drops 10% During Q2 2020

Albania’s GDP shrang by 10.23% during Q2 of 2020, when compared with the same period last year. This is due to the COVID-19 pandemic and the impact of two months of lockdown.

Areas of the economy most effected include transport, accommodation and food services/hospitality which all lost 4.11 percentage points on the previous year.

Sectors of the economy that fared better included agriculture, forrestry, and fishing which increased by 0.70 percentage points and real estate which increased by 0.29 percentage points. Construction only noted a small decrease of 0.90 percentage points.

INSTAT previously reported that in terms of wages, during Q2 those working in agriculture noted a 37.5% decreaase in their salaries. A drop was also noted in Construction, despite the industry only noting a small drop in revenue.

During this time, the average household final consuption figure decreased by 7.06% while government consumption increaed by 0.28%.

Exports decreased by almost 50% and imports also dropped by 31.5%.

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