The Western Balkan nation of Albania is leading the way in the region’s economic recovery according to the latest figures from the EC Economic and Financial Affairs Department’s ‘Candidate and Pre-Accession Countries’ Economic Quarterly Report’ Q4 2010.

Unlike many of its regional neighbours Albania weathered the economic crisis and avoided recession with 5.7% GDP growth recorded in Q4 2010 giving an average of 4.1% for the year. In contrast Croatia’s GDP fell by 0.6% in Q4 2010 compared to the same period in 2009 and the EU hopeful Republic of Macedonia saw only 2.3% growth. 

Ravin Maharajah, Partner of Lalzit Bay Resort & Spa, the 5* luxury resort located on Albania’s Adriatic coastline, comments,

“The outlook for Albania is most certainly positive for 2011. It has remained at the forefront of the Western Balkan nations during and post the crisis with economic growth driven by an increase in net exports as well as improvement in performance of the trade, hotel and restaurant sector.”

Albania has worked hard to reduce its public deficit by an impressive 58% in 2010 from 2009 levels in contrast to other Western Balkan nations including Croatia, Serbia and Kosovo which saw a continued deterioration of public finances last year.

In line with improved economic performance, unemployment levels are also down compared to the first half of 2011 with 2% year-on-year growth recorded for Q4 2010. Furthermore levels of FDI rose significantly by 17% last year which combined with Albania’s strong growth potential and movement towards EU accession enabled credit ratings agency, Standard and Poor’s, to maintain the nation’s credit rating at B+B last month.

Maharajah continues,

“Albania has the key fundamentals in place for a prosperous economy moving forwards with the government forecasting GDP growth to hover around 6% for 2012-1014 this will no doubt accelerate Albania’s accession to the EU.”

And it is this bright future that is attracting savvy investors from not only the UK but Scandinavia, Italy and the Balkans to invest in Albania. Lalzit Bay Resort & Spa has sold over half of its first allocation of 5* apartments with a healthy interest in the 3 and 4 bedroom villas.

Studio apartments designed by the internationally acclaimed architects Woods Bagot start from as little as €29,000 so to reserve yours today call +44 (0) 845 125 8600 or visit www.lalzitbay.com.