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EBRD keeps Albania's economic growth unchanged for 2024 at 3.3%

2024-05-15 13:13:15, Ekonomi CNA

EBRD keeps Albania's economic growth unchanged for 2024 at 3.3%

The Albanian economy is expected to grow by 3.3 percent in 2024, after a 3.4 percent increase last year, according to the European Bank for Reconstruction and Development (EBRD) report, sticking to its September forecast.

The increase in tourism of 41% in the first two months of this year indicates a possible increase in private consumption, while the stabilization of the local currency Lek against the euro can support the growth of exports, which fell by about 10% last year for due to the appreciation of the local currency, the Regional Economic Prospects report states.

"On the other hand, risks to growth arise from a possible drought that negatively affects agricultural production and electricity supply, with a significant downside risk to GDP given the relatively large contribution of agriculture (still close to 20 percent) and the high share of hydropower plants in electricity production (99 percent of net domestic production),” said the EBRD.

In 2025, the EBRD expects the Albanian economy to expand by 3.5%, in line with the expected global recovery.

"Inflation continued to ease last year, reaching a two-year low of 2.3 percent in March 2024, and authorities expect it to remain around the target range in 2024 and beyond," the bank noted.

In the Western Balkans region of which Albania is a part, the EBRD expects economic growth to accelerate to 3.3% this year from 2.5% in 2023, down slightly from its previous projection of 3.4%, as inflation moderates and construction activity picks up. the whole region./ Monitor.al

EBRD keeps Albania's economic growth unchanged for 2024 at 3.3%





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