Albania GDP Growth Rate QoQ

In Albania, The most significant sector is the services sector, accounting for 60% of overall GDP, with banking, communications, and tourism serving as the primary drivers of the expansion. The manufacturing industry accounts for 20% of the overall GDP. Agricultural production accounts for the remaining 20% of GDP, which is dominated by small family-owned businesses and employs about half of the labor force. Money transfers are also highly important to the economy, accounting for approximately 8% of overall GDP. When it comes to expenditures, household consumption is the most important component of GDP, accounting for 78% of total use. This is followed by gross fixed capital formation (26%) and government expenditure (11%, with collective expenditure accounting for 6% and individual expenditure accounting for 5%). The net exports of products and services, on the other hand, have a negative impact on the economy, accounting for -18% of total GDP. Exports account for 35% of total GDP, while imports account for a significantly higher 53%.