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Albania's GDP to rise by 3.5 percent in 2017 and 2018

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Staff Writer | June 6, 2017
Tirana
Europe   June 2017 Global Economic Prospects

The Albanian economy is forecasted to grow by 3.5 percent in 2017 and 2018, World Bank confirmed Monday.

The bank increased the forecast for Albania's gross domestic product (GDP) growth in 2019 by 0.1 percentage point, to 3.8 percent, compared to the projection made in January, the World Bank said in its June 2017 Global Economic Prospects report.

In 2016, Albania's economy expanded by an estimated 3.2 percent, World Bank further said in its report.

WB also noted that private investments in two large energy projects will continue to support growth, aided by private consumption as the labor market improves, and net exports supported by demand from the European Union.

With two large energy projects the bank means the Trans-Adriatic gas pipeline (TAP) and the Devoll hydro power plant currently being implemented in the country.

The Bank also revised upwards its growth projections for Albania's neighboring countries such as Macedonia by 0.4 percent and Serbia by 0.3 percent, while it has revised downward Montenegros growth by 0.7 percentage point.

A few days ago, even the European Bank for Reconstruction and Development (EBRD) said in a report that it has confirmed its forecast for Albania's 2017 economic growth at 3.5 percent.


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