CAIRO - Albania's economy expanded by 4.06 percent in the second quarter of 2024, continuing its positive growth trajectory compared to the same period last year, as reported by the National Institute of Statistics (INSTAT).

According to Namibia Press Agency, INSTAT also highlighted a 3.63 percent growth in GDP for the first quarter of the year. The most recent quarter's growth was driven by several key sectors: construction contributed 1.12 percentage points; trade, transportation, accommodation, and food services also added 1.12 percentage points; net tax income increased by 0.92 percentage points; and the public administration, education, and health sectors contributed 0.86 percentage points. However, some sectors such as mining and processing, along with electricity and water, faced declines, subtracting 0.96 percentage points from the overall GDP growth, and the information and communication sectors saw a decrease of 0.11 percentage points.

The updated figures further show that Albania's annual GDP growth for 2023 was 3.94 percent, following a 4.83 percent increase in 2022, reflecting the country's ongoing economic resilience.