Vol - 17, Issue - 10
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Journal of the Austrian Society of Agricultural Economics (JASAE)
Journal ID : JASAE-11-10-2021-113
Total View : 349

Abstract : The purpose of this study is to analyze the empirical relationships between growth and the contribution of agriculture to GDP, economic growth in general, and the economic development of a country expressed as national per capita income. At the same time, the level of the relevant indicators of Albania is discussed. To this purpose are analyzed the data for 2018 and over 180 countries of the world, using descriptive and statistical regression methods. The study highlights important empirical relationships between these indicators. We estimate that an increase in the per capita income is in an inverse relationship with the growth of agriculture as well as its role in the economy. The study concludes that the higher contribution of agriculture to GDP is a factor that positively affects economic growth. Economic growth is positively related to the growth of the agricultural sector but its effect is inelastic. The analysis of data reveals the relatively poor levels of Albania in terms of per capita income and the high contribution of agriculture to GDP. In addition, it is estimated that Albania's economic and agricultural growth for the year 2018 could have been higher. Based on the level of per capita income, Albania's economic growth could be higher than 4%. To increase the role of agriculture in the economy, the study emphasizes the need for policies aiming at increasing labor and land productivity in agriculture.

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