Albania's gross domestic product (GDP) grew by an annual 4.06% in the second quarter of 2024, after increasing by 3.63% in the first quarter, the country's statistics office, INSTAT, said on Tuesday. 
On a quarterly comparison basis, Albania's economy advanced by 1.18% in the April-June period, the statistical office, INSTAT, said in a quarterly report on Monday. 
The main contributors to the country's yearly economic growth were trade, transport, accommodation, and food services, which added 1.12 percentage points (pp), construction, also with 1.12 pp, public administration, education, and health, with 0.86 pp, and professional and administrative services, with 0.62 pp. 
The director of INSTAT, Elsa Dhuli, who presented the report, announced that the performance of the economy was better in the second quarter of the year. Apart from the sub-group of services, construction has also had positive effects. 
Also, according to her, the tourism sector has had positive effects in several directions, such as in trade, restaurants, and accommodation. 
"Real GDP growth in the first half of 2024 is estimated at 3.94%. The seasonally adjusted Gross Domestic Product indicator, in the second quarter of 2024, compared to the previous quarter, is estimated to increase by 1.18%," she declared. 
Dhuli stated that the final consumption of the population, which constitutes the main weight of expenses in the economy, increased by 6.01%; final government consumption increased by 6.72%; the component of gross fixed capital formation, otherwise referred to as investments, increased by 3.81%. 
According to the report, exports of goods and services increased by 4.89%, while imports of goods and services increased by 5.64%. Construction activity, according to INSTAT, increased by 10.10%, followed by the group of professional activities and administrative services, which increased by 9.58%. 
The financial and insurance activity recorded an increase of 8.71%, followed by the group of activities of public administration, education, and health, which recorded an increase of 8.05%, the group of trade, transport, accommodation, and food service activities had an increase of 6.48%, the group of arts, entertainment and leisure activities, other service activities, had an increase of 3.82%, the activity of real estate increased by 2.69% and the activity of agriculture, forestry, and fishing increased by 0.56%. 
While the activity of industry, energy, and water decreased by 8.91% the group of information and communication activities decreased by 5.39%. Net taxes on products increased by 7.01%. 
Albania's GDP grew by an annual 3.94% in 2023, after increasing by 4.83% in 2022, revised data showed on Monday.