Albania's GDP growth revised up as new data sheds light on economy

Tirana, September 30, 2024 — The Albanian Institute of Statistics has revised its economic growth figures, increasing last year's Gross Domestic Product (GDP) growth from 3.45% to 3.94%. This change comes as part of an ongoing effort to improve how the country's economic performance is measured.

Alongside this update, the growth rate for 2021 has also been adjusted upwards. In contrast, figures for 2020 and 2022 have been revised down. These updates are part of a routine process that the institute conducts at least every five years in collaboration with Eurostat, aiming to enhance the accuracy and relevance of economic data.

By incorporating new information sources and refining existing data, the Institute reported a significant increase in the total GDP value. Initially estimated at just over 2.3 trillion lek, it is now close to 2.4 trillion lek, covering products and services across 11 major sectors. The revisions also affect figures from 2019 through 2022.

The revision of the economic growth methodology was initially planned for 2019 but faced delays. The new approach will be applied for the next five years, promising a clearer picture of Albania's economic situation moving forward.