TIRANA Jan 12 Albania's gross domestic product
increased annually by 3.08 percent in the third quarter of 2016,
helped by growth in trade and tourism, the Institute of
Statistics said on Thursday.
The economy expanded by 0.89 percent on a quarter-by-quarter
basis in the July-September period, the Institute added.
The Institute told Reuters growth for the nine-month period
from January to September had reached 3.27 percent, a little
short of the 3.4 percent target of the Albanian government and
the International Monetary Fund.
As in the second quarter of 2016, trade, hotels and
restaurants contributed most to economic growth, accounting for
1.12 percentage points, followed by construction.
Manufacturing, mining, energy and water shrank by 0.30
Albania's central bank has cut interest rates to a record
low of 1.25 percent to boost lending.
Last month the bank said: "Economic growth is estimated to
have been somewhat strengthened in the second half of 2016" by a
revival of consumption and private investment.
"Economic activity in the second half of the year has been
helped by the accelerated use of budget spending (funds) and a
rise in foreign demand in the tourism sector," the bank added.
(Reporting By Benet Koleka; Editing by Gareth Jones)