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Albanian Times, April 12, 1996From: Albanian Times <AlbaTimes@aol.com>The Albanian Times (by AlbAmerica TRade & Consulting International) DirectoryCONTENTS[1] Albania's 95 Growth Estimated at 14 Percent[2] Albania and Bavaria Explore Cooperation Possibilities[3] Australian Companies Interested in Albania's Iron Mines[1] Albania's 95 Growth Estimated at 14 PercentTIRANA, April 11 - A recovery in industrial output after several years of decline helped Albania's economy grow by 14 percent last year, and 10 percent economic growth is expected this year, a leading economic researcher said on Thursday. ``It is estimated that the growth of gross domestic product in real terms was at the level of 13 to 14 percent in 1995,'' Artur Kasimati of the government's economic development department told Reuters. That would take Albania's GDP to about 230 billion leks ($2.32 billion) at current prices, the bulk of it from the emerging private sector.Kasimati said his estimates, which are still preliminary, indicated that industrial output in Albania, Europe's poorest country, had grown for the first time in five years. Albania's economy grew by 11 percent in 1993 then slowed to an estimated 7.4 percent in 1994 -- still by far outstripping growth in any other Eastern European country. In 1991, the year of Albania's first democratic elections, GDP slumped by 27.7 percent as the country embarked on the difficult transition to a western-style market economy and a democratic political system. Kasimati said growth of small and medium-sized businesses and of agriculture, which alone had accounted for about 54.6 percent of total output, had been the main factors behind the strong surge in GDP last year. ``What is important about 1995 is that industry has grown by five to six percent. Estimates have shown that up to 1995, industry had recorded only continuous slumps,'' he added. Hampered by a shortage of working capital and lack of modern technology, industrial output plunged as much as 50 percent in 1992, a further 10 percent in 1993, and two percent in 1994. Agriculture's share in total output was now stagnating, Kasimati said, reflecting a trend noted in most developing economies. Albania privatised agricultural land four years ago, creating about 400,000 small farmers in the process. A boost in construction also contributed greatly to the strong rise in GDP, Kasimati said. His estimates show building output grew by 15 percent last year, and is expected to grow by up to 21 percent in 1996. ``The poor infrastructure we inherited, the need for housing and especially immigration to the towns from the countryside have boosted growth in the construction sector,'' Kasimati said. Output in the service and trade sector grew by up to 14 percent last year, while transport registered growth of about 19 percent, he added. He said money transfers from abroad, especially private transfers, were another major factor. Private transfers in 1995 were three times 1992 levels, amounting to 30 billion leks ($350 million) and accounting for about one eighth of GDP in 1995. (Courtesy of Reuters)
[2] Albania and Bavaria Explore Cooperation PossibilitiesTIRANA, April 11 - Bavarian officials have agreed to help Albania improve its tax system and administration of public ownership, Radio Tirana said. In meetings with Bavarian state officials, Albanian vice prime minister Dylber Vrioni was promised extensive aid in promoting Albania's economic reforms. Experts from Bayerisches Landesbank will visit Tirana to look for possibilities of establishing a subsidiary in Albania. During his three day stay in Germany, Vrioni called for closer cooperation between business communities in Albania and Bavaria downplaying the importance of aid at this stage of reform in his country. (Albanian Times)
[3] Australian Companies Interested in Albania's Iron MinesAlbania is inviting Australian mining companies to invest in its ferro-nickel mines. In meeting with Energy minister Abdyl Xhaja, Australian mining company officials requested 4 licences to prospect for ferro-nickel in several locations, Radio Tirana said. Albania's ferro-nickel reserves are estimated at 250 million ton. (Albanian Times)
The material was reprinted with permission of AlbAmerica Trade & ConsultingInternational. For more information on ATCI and the Albanian Times, pleasewrite to AlbaTimes@aol.comCopyright (c) ATCI, 1996 |
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