TIRANA, March 8 (Xinhua) -- Albania's public debt dropped below 70 percent of the country's GDP in the end of 2017, marking a decline for the first time since 2013 when debt soared to 73 percent, Albanian ministry of finance said Thursday.
The expansion of the economy, as well as the fall in interest rates both in the foreign and domestic market are considered as the main factor leading to public debt shrinking, according to finance ministry experts.
Official data published by the Ministry of Finance showed that at the end of 2017, the public debt resulted 69.92 percent of GDP, down by 2.44 pct compared with 72.36 percent marked in December 2016.
Albania's national debt grew by 1.6 billion euros over the 2012-2015 period, reaching record 73 percent of GDP.
Parliament adopted a law in 2016, which forces the government to reduce the debt year after year.
Under the macroeconomic program, the Albanian government remains committed to continuing fiscal consolidation, reducing public debt and advancing structural reforms in the economy.
Under this program, the government has committed itself to reduce debt below 60 percent in 2021.
