The country's economy grew by 3.96% in 2024/ Tourism held the main weight of "leading" towards the figure
With the assessment of the last quarter, INSTAT provides a preliminary estimate of GDP for 2024, which based on quarterly estimates, appears to have recorded an increase of 3.96%. The economy appears to have slowed down in the last quarter of last year, according to the latest INSTAT data. According to the figures, the Gross Domestic Product (GDP), in real terms, in the fourth quarter of 2024 is estimated to have increased by 3.63%, compared to the fourth quarter of 2023.
The data show that during the last quarter, the item that made the highest contribution to the growth of Gross Domestic Product, with 1.44 points, is public administration, education and health. Trade, accommodation and food services also had a positive impact on growth, followed by real estate activities. We emphasize that the group of transport, accommodation and food services had the greatest impact on growth, especially during the second and third quarters.
If we analyze the change in the main branches, we see that for this quarter the group "Public Administration, Education and Health" marked an increase of 11.35%, followed by the activity of "Real Estate" with an increase of 10.76%. The group of activities "Arts, entertainment and recreation and other service activities" marked an increase of 9.57%, the group of "Trade, Transport, Accommodation and Food Services" marked an increase of 4.33%. The group "Financial and Insurance Activities" marked an increase of 2.10%, the activity of "Construction" an increase of 1.57%, and the group "Information and Communication" marked an increase of 0.06%.
Meanwhile, compared to the previous quarter, the second quarter of 2024, the Gross Domestic Product indicator has increased by 0.72%. On the other hand, the final consumption of the population, which constitutes the main share of expenditures in the economy, increased, in real terms, by 3.26%.
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