Albanian Minister of Economic Development and Entrepreneurship Arben Ahmetaj on Tuesday said the Albanian economy was performing below its potential.

In a speech, Ahmetaj said the Albanian economic slowdown was related to consumption and competition.

"One of the elements in the fiscal package was progressive tax which encouraged consumption for 97 percent of Albanians," he said.

Recent figures published by the statistics institute show consumption and imports on the rise.

Ahmetaj also said the International Monetary Fund board last week approved a new line of credit for the country.

"The main pillars of the agreement are about financial stability, development and free competition which is related to the new economic model we are attempting to adopt," he said. Endi