The economy has been more resilient than the countries of the region during the past year. Despite the challenges such as the increase in interest rates or high inflation, the performance has been positive.
Albania ranks second in the region for economic performance. According to an analysis by the Bank of Albania, in the third quarter, the Albanian economy grew by 3.5%, while Serbia by 3.6% with a minimal change.
The Albanian economy has left behind countries such as Kosovo, Macedonia and Northern Greece. According to the Central Bank, during the year 2023, the Albanian economy has shown a continuous increase in economic activity, employment and wages and a downward trend in inflation, which was highlighted in January of this year, decreasing to 3.4%.
Economic growth was driven by the expansion of consumption, investment and income from tourism. In the macroeconomic aspect, it was supported by the improvement of business and consumer confidence, as well as by the increase in the interest of foreigners in Albanian tourism services. The same trend is expected to continue for the Albanian economy during this year as well.
The tourism sector is expected to remain an important pillar for the Albanian economy. While the forecasts are for a better tourist season this year Despite the acceleration of the growth rate, the economic activity for the year 2023 in the neighboring countries is expected to reflect the slowdown of the Eurozone economy and the growth rates are expected to be lower in a historical context.
Economic activity is projected to grow at a low rate in 2023 and accelerate in 2024 and 2025./abcnews.al
