Albania's gross domestic product (GDP) expanded by a real 2.96% year-on-year in the first quarter of the year, after posting 2.15% growth in the last quarter of 2015, data from the statistics office, INSTAT, showed on Friday.
On a quarterly basis, Albania's economy grew 1.20% in the January-March period, after increasing by 0.73% in the last quarter of 2015, INSTAT data indicated.
The main contributor to the country's economic growth was the trade, hotels and restaurants and transport sector.
According to INSTAT, the main contribution to this growth was provided by economy branches such as hotels and restaurants and transport by 0.85 percentage point, Public Administration, Education and Health by 0.60 percentage points, construction by 0.55 percentage points, Information and communication by 0.37 percentage points, Real estate activities by 0.23 percentage point, professional activities and administrative services by 0.21 percentage points, other services by 0.07 percentage points, financial and insurance activities by 0, 04 pp.
The branches that contributed negatively are Industry, Energy and Water by -0.30 percentage points, Agriculture, Forestry and Fishing by -0.05 percentage points. INSTAT experts explain that the net taxes on products contributed positively by 0.39 percentage points.