Kosovo’s gross domestic product (GDP) expanded by a real 4.1% y/y in the second quarter of 2019, after increasing by a revised 4.2% a previous quarter, estimated data from the Kosovo Agency of Statistics (KAS) indicated.
Kosovo is expected to post GDP growth of 4% in 2019 according to the World Bank's latest projection.
The growth in 2Q19 was boosted mainly by the strong performance of the financial and insurance sector and manufacturing, data released on October 7 showed.
Kosovo’s nominal GDP in current prices amounted to €1.824bn in the second quarter, up from €1.7bn a year earlier and from €1.4bn in the previous quarter.
The biggest increase in the second quarter was registered in the financial and insurance activities sector (22.39%), followed by manufacturing (10.6%).
The growth of other sectors was as following: the sector of professional services (8.9%), arts, entertainment and recreation (8.8%), construction (6.9%), water supply sector (6.7%), wholesale and retail (6.53%), real estate activities (3.6%) and the IT sector (2.2%).
Decreases were recorded in the public administration, defense, education and health service sector (-1.1%) and agriculture, forestry and fishing (-0.3%).
In the second quarter, GDP according to the expenditure approach annual hikes were the following: gross capital formation (4.1%), export of goods and services (14.35%), import of goods and services (-0.45%), household final consumption (0.08%) and government consumption (3.25%).
In 2018, Kosovo’s GDP expanded by a real 3.9%.