Which sector contributes the most to GDP?
On the production side, GDP can be divided into three broad sectors and this division helps us to understand the extent to which the different sectors contribute to GDP.
The agriculture sector, which includes forestry, hunting, and fishing, as well as the cultivation of crops and livestock production, accounted for 22.6% of GDP in Albania in 2014.
The industrial sector, which comprises mining, manufacturing, construction, electricity, water, and gas, contributed to value added amounting to 25.2% of GDP in Albania in 2014
The service sector consists essentially of wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. In 2014, the service sector added 52.2% to GDP.
The importance of these three sectors in the economy is often used to determine whether it is a developing country, an industrialized country or a post-industrial country.
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Inflation or deflation?
The consumer price index (CPI or HICP for EU countries) is the measure most commonly used for inflation/deflation.
In Oct-2016 the CPI/HICP in Albania increased by 1.5% yoy, following a 1.81 % yoy increase in Sep-2016 data from the IMF, transformation made by Bluenomics showed. This suggests that Albania is in a stable price environment.
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GDP is not the best indicator of standards of living!
GDP is a good means of gauging the size of an economy and economic activity in a country. However, Gross National Disposable Income (GNDI) is a better measure for living standards as it expresses how much income is available for final consumption expenditure and gross savings.
In 2014, Albania's per-capita Gross National Disposable Income (GNDI) was USD 4,843, while in 2013 it was USD 4,734.
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How to measure a country's price and cost competitiveness?
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