The first trimester of 2020 brought a 2.52% drop in Albania’s Gross Domestic Product (GDP), when compared to the first trimester of 2019, INSTAT data shows.
Agriculture, forestry and fishing are the main positive contributors to GDP growth (+0,71 percentage points), followed by the real estate sector (+0.19), and a nigh-negligible contribution by the arts, entertainment and recreation sector (+0.02). These were the only sectors to positively contribute to GDP growth.
Meanwhile, all other sectors contributed negatively to GDP growth, with the construction sector being by far the principal negative contributor (-1.29 percentage points).
Accordingly, agriculture saw a 3.41% increase in activity, whereas construction activity plummeted, decreasing by 16.66% when compared to the first trimester of 2019.
Financial activities and insurance activities saw a significant drop (17.32%) in activity when compared to the last trimester of 2019.
Seeing as Albania went into coronavirus lockdown only in early March, it is likely that second trimester data will show an even steeped decline in the country’s GDP.