Kosovo economy grew 4% in 2009

Central Bank of Kosovo (CBK) reported that during 2009 Kosovo had 4% economic growth. According to CBK, the economic growth in Kosovo comes mostly from financial system and the private sector.

Valentin Toci, chief economist of the CBK said that Kosovo and Albania were the only countries in Southeastern Europe to have economic growth in 2009.

According to CBK, Kosovo imported €1.9 billion of goods and services while it exported €162 million in 2009.

CBK statistics show that during the second half of 2009, Kosovo had an increased level of foreign direct investments. 69.9% of FDI were capital investments, 23.2% were reinvestments of existing foreign investors in Kosovo, while the rest of FDI were other investments.

Central Bank reported that during 2009 Kosovo had a balanced budget, in terms of national income and expenditure. Budget revenues in 2009 were €1.05 billion, while expenditures were €926 million.

According to this report, the banking sector in Kosovo continues to grow and expand. Loans of Kosovo banks increased for 9%, while deposits increased for 21%. The microfinance institutions and insurance companies (+21.2%) continued to grow and expand in the market.