Kosovo’s Top 10 Companies: Economic Growth Amid Institutional Crises and Challenges

Kosovo’s economy continues to grow but remains heavily dependent on consumption, imports, and remittances, while productive sectors have lost ground. Political crises, energy-related challenges, and emigration are constraining its growth potential. The structure of the country’s largest companies also reflects this economic model, with trade, fuel distribution, and energy dominating the business landscape.

Sefer Zogaj*

Throughout 2025, Kosovo’s economy faced a series of challenges stemming from institutional deadlock, energy-related issues, the trade deficit, inflation, and emigration.

According to the Kosovo Agency of Statistics (KAS), Kosovo’s economy grew by 3.62% in 2025. Net taxes on products made the largest contribution to growth, at 1.37 percentage points, followed by trade and services, at 1.32 percentage points. By contrast, industry contributed a negligible 0.02 percentage points, according to KAS data processed by Monitor.

Since 2016, Kosovo has recorded economic growth in most years, although the pace has varied from year to year. The exception was 2020, when the economy contracted due to the COVID-19 pandemic. A year later, in 2021, the economy rebounded with double-digit growth, which the government presented as a “government success”. However, the opposition and some economists argued that this growth should be viewed in the context of the previous year’s economic contraction and the low-base effect.

According to data from the Kosovo Agency of Statistics (ASK), economic growth continued in 2026, reaching 4.6% in the second quarter.

The World Bank forecasts economic growth of 3.7% in 2026, accelerating to 3.9% in 2027 and 4% in 2028.

Kosovo faced high inflation in 2025, with the annual inflation rate reaching 5.8% in December. The average gross monthly salary stood at €713 in 2025, remaining the lowest in the Balkans and among the lowest in Europe. The unemployment rate stood at 11%.

How Kosovo’s Economy Is Structured

Wholesale and retail trade; repair of motor vehicles and motorcycles is the largest sector in Kosovo, accounting for 14.3% of Gross Domestic Product (GDP) in 2024.

Manufacturing is the second-largest sector of the economy. Manufacturing alone contributed 12.6% of GDP in 2024, the latest year for which data are available. Its share of the economy has declined compared with previous years, having accounted for 15% of GDP in 2009. In 2024, industry as a whole, including mining and water supply activities, accounted for approximately 18% of GDP.

Construction plays an important role in Kosovo’s economy, accounting for 7.8% of GDP in 2024 and remaining the third-largest sector in terms of its contribution to GDP.

Earlier data from the Kosovo Agency of Statistics (ASK) show that, compared with 2019, the transformation of the economy has been accompanied more by the strengthening of trade and service activities than by an increase in the role of manufacturing and knowledge-intensive professional activities. Although some services with potential to generate higher value added, such as information and communication and financial services, have gained a larger share, their expansion remains relatively modest.

According to ASK data, compared with 2009, manufacturing has seen its share decline from 14.9% to 12.6%, agriculture from 8.3% to 7.3%, and mining and quarrying from 2.5% to 1.6%. The sharpest decline was recorded in real estate activities, whose share fell from 10% to 5.6%.

Among services, accommodation and food service activities more than doubled their share, from 1% to 2.1%, while information and communication increased from 1.5% to 2%, and financial and insurance activities from 3.6% to 4.2%. Wholesale and retail trade expanded slightly, from 13.7% to 14.3%, while construction increased from 7.3% to 7.8%.

The growing share of net taxes on products has been one of the most distinctive characteristics of Kosovo’s economy in recent years. Their contribution increased from 16.9% of GDP in 2009 to 22.2% in 2024, reflecting the significant importance of consumption and trade in the structure of the economy.

A comparison with other European countries shows that Kosovo has one of the highest shares of net taxes on products. According to separate Eurostat data, this indicator in Kosovo is more than double the European Union average of 10.3%. Within the region, only Montenegro records a slightly higher level, at 21.8%, while Bosnia and Herzegovina stands at 16.4%, Serbia at 14.6%, Albania at 13.6%, and North Macedonia at 12.9%.

This structure suggests a relatively high dependence on consumption and taxes on products, in an economy where the gross value added generated by economic activities accounts for only 78.5% of GDP, compared with 89.7% in the EU and 82–85% in the other countries of the region, excluding Montenegro.

In its latest report on the Western Balkan economies, published in spring 2026, the World Bank noted that Kosovo’s economy had shifted from a model heavily dependent on foreign aid towards one characterised by growing consumption, infrastructure investment, and expanding financial intermediation. The World Bank also highlighted the weakness of merchandise exports and the need to improve productivity and competitiveness.

An Economy Driven by Consumption and Imports

Private consumption dominates Kosovo’s GDP. According to the Kosovo Agency of Statistics (ASK), household consumption has accounted for 83–84% of GDP over the past five years. However, the main weakness of this consumption-driven model is its heavy reliance on imports. According to official data, merchandise imports exceed 56% of GDP.

Another important factor is remittances. According to published data, emigrants sent approximately €1.4 billion to Kosovo in 2025. The Central Bank of the Republic of Kosovo (CBK) identifies remittances as the main component of secondary income.

Government spending, at both central and local levels, is another component contributing to Kosovo’s economy. According to data from the Public Procurement Regulatory Commission, contracts worth more than €1 billion were signed in 2025, including capital investments.

Where Does Kosovo’s Economy Fall Short?

Kosovo is heavily dependent on imports. According to ASK, imports exceeded €7 billion in 2025, while exports amounted to just €942 million, resulting in a substantial trade deficit of more than €6 billion.

Another major challenge is electricity. The Kosovo government has faced strong criticism over the country’s heavy reliance on energy imports, which has contributed to electricity prices increasing threefold over five years, creating difficulties for households and businesses.

Emigration is another major problem, affecting both consumption and labour availability. According to official data, around 30,000 people left Kosovo in 2025, while approximately 15,000 returned, resulting in a net population loss of nearly 14,000 people in a country with 1.58 million inhabitants.

Skënder Krasniqi, from the Chamber of Commerce and Industry of Kosovo, told Monitor that the prolonged political crisis and unpredictable decisions have damaged Kosovo’s economy, affecting both the investment climate and businesses’ expansion plans.

“The prolonged political crisis and ad hoc decisions have caused significant damage, with long-term consequences for our already fragile economy,” Krasniqi said.

He hopes that overcoming the political crisis will allow institutions to focus more on economic development.

According to Krasniqi, technology and digital services, export-oriented manufacturing, energy, agriculture and agro-processing are among the sectors with the greatest development potential. In this context, he sees economic cooperation with Albania as an opportunity to expand production capacity and strengthen the competitiveness of companies in both countries.

Kosovo’s Top 100 Companies Generated Nearly €8 Billion in Revenue

Kosovo’s 100 largest companies generated a combined turnover of €7.96 billion in 2025, according to data provided to Monitor by the Tax Administration of Kosovo (ATK). This amount was equivalent to 72% of the country’s GDP in 2025.

According to ATK, the combined net profit of Kosovo’s top 100 companies reached €914.3 million.

The 10 largest companies reported a combined annual turnover of €2.56 billion, equivalent to 23% of GDP.

The top 10 ranking is dominated by supermarket chains, retail companies, energy businesses and fuel distributors, reflecting a pattern similar to that observed among the largest companies in other Western Balkan countries, particularly Montenegro and Bosnia and Herzegovina.

ATK provided Monitor with the names of the 100 largest companies but stated that it was not authorised to disclose their individual financial figures. Companies may submit their financial statements to the Ministry of Finance, where they are published online. However, only some companies have made their statements publicly available. As a result, financial figures are missing for many companies in Kosovo’s Top 100 ranking.

Top 10 Companies by Turnover in Kosovo

1. Kosovo Electricity Supply Company J.S.C. (KESCO)

Kosovo’s largest company is Kosovo Electricity Supply Company J.S.C. (KESCO), which supplies electricity to consumers across Kosovo, including households, businesses, and public institutions. The company operates as the universal service supplier of electricity. Its activities include electricity supply, billing, payment collection, and customer services. According to preliminary data, the company generated approximately €440 million in revenue in 2025.

KESCO (Kosovo Electricity Supply Company) was established in January 2015 by the Turkish Limak–Çalık consortium, following the privatisation of the electricity distribution and supply sector.

2. Viva Fresh sh.p.k.

Kosovo’s second-largest company is Viva Fresh sh.p.k., which operates in the retail sector, primarily through its Viva Fresh Store supermarket and hypermarket chain. The company offers a wide range of food and non-food products, including everyday consumer goods, fruit, vegetables, meat products, clothing, and household items.

According to information published on its official website, the chain operates more than 113 stores across 32 cities in Kosovo and employs over 5,000 people. The company also operates a large logistics centre supporting the supply and distribution of products throughout its retail network.

Through the expansion of its store network and investment in infrastructure, Viva Fresh has become one of Kosovo’s leading retail companies. According to its financial statements, the company ended 2025 with turnover of approximately €370 million, an increase of 11.5% compared with the previous year. Pre-tax profit stood at €20.8 million, down from €21.6 million a year earlier.

3. ELKOS sh.p.k.

In third place is ELKOS sh.p.k., whose main activities include importing, wholesaling, and distributing consumer products. The domestically owned company is part of ELKOS Group, which represents approximately 90 international brands and operates across several trading sectors.

The group includes the ETC shopping centre chain, Elkos Center, and Elkos Distribution. Through its supply and distribution network, the company serves supermarkets and other businesses in Kosovo and across the region. Its product portfolio includes food, beverages, hygiene products, and other consumer goods.

ELKOS Group has also developed activities in agriculture and the trade of construction and household products. According to its financial statements, the company reported revenue of nearly €249 million in 2025, a slight year-on-year increase of 2.1%. Pre-tax profit stood at €9.5 million, down from €14.7 million in 2024.

4. Proex sh.p.k.

Ranking fourth is Proex sh.p.k., a company operating in the retail sale of food products and everyday consumer goods. It operates the Interex supermarket chain, offering food, beverages, household products, and other consumer goods.

According to the European Bank for Reconstruction and Development (EBRD), Proex was Kosovo’s second-largest modern grocery and consumer goods retail chain, operating 33 Interex stores at the time the project profile was published.

Headquartered in Pristina, the company manages its retail network and supplies its stores with a wide range of products. Proex has also received EBRD financing to support investment and business expansion.

The company recorded annual revenue of more than €220 million in 2025, an increase of 8.1% compared with the previous year. Pre-tax profit rose to €16.7 million, from €15.4 million a year earlier.

5. BUÇAJ sh.p.k.

In fifth place is BUÇAJ sh.p.k., a domestically owned company specialising in the import, sale, and distribution of food products, beverages, and hygiene items.

The company works with well-known international brands and supplies supermarkets, restaurants, cafés, and other businesses across Kosovo. Its activities include managing the supply and distribution of products in the domestic market, connecting manufacturers and suppliers with retail outlets.

Through its broad product portfolio and distribution network, BUÇAJ sh.p.k. is one of Kosovo’s important operators in the trade and distribution of consumer goods.

In 2025, the company generated turnover of more than €225 million, representing year-on-year growth of 18%. Pre-tax profit reached €9.4 million, compared with €10.5 million in the previous year.

6. EX FIS sh.p.k.

Ranking sixth is EX FIS sh.p.k., a Kosovo-owned company specialising in the trade and distribution of petroleum products. The company supplies and sells petrol, diesel and other energy products, operating in both the wholesale and retail fuel markets. Its activities also include fuel transportation and logistics, while its network of filling stations serves individual consumers and businesses. The company generated revenue of more than €223 million in 2025, representing year-on-year growth of 4.2%. Pre-tax profit reached €22.8 million, up from €15 million in the previous year.

7. HIB Holding sh.p.k.

HIB Holding sh.p.k., a Kosovo-owned company, specialises in the trade and distribution of petroleum products, as well as hospitality and food services. Its operations include the wholesale and retail sale of petroleum products, supermarkets, restaurants and the five-star Emerald Hotel.

The company’s activities also include fuel transportation and the provision of accommodation and food services through 24 outlets across Kosovo.

According to its consolidated financial statements, the group generated sales revenue of €218.97 million in 2025, an increase compared with the previous year. Pre-tax profit reached €8.4 million, up from €6.7 million a year earlier.

According to the financial statements, most of the company’s revenue came from wholesale and retail sales of petroleum products (more than €174.5 million), followed by supermarket sales (approximately €20.6 million), restaurant services (around €18 million) and hotel services (approximately €5.8 million).

8. NOA ENERGY TRADE sh.p.k.

NOA ENERGY TRADE sh.p.k. – Kosovo Branch is a branch of the Albanian company NOA Energy Trade, which specialises in electricity trading and wholesale supply.

The company operates in Kosovo’s energy market and cooperates with electricity producers and other traders across the region and European markets. Its activities include electricity trading and supplying market participants through commercial agreements.

Registered in Pristina, the company is listed in the register of the Energy Regulatory Office (ERO) as a participant in the electricity market. It has experienced particularly rapid growth in recent years.

The company generated revenue of €206.7 million in 2025, an increase of 5.7% year-on-year. Pre-tax profit stood at €5.3 million, down from €10.4 million in 2024.

9. Kosovo Energy Corporation J.S.C. (KEK)

Kosovo Energy Corporation J.S.C. (KEK) is a publicly owned enterprise, 100% owned by the Republic of Kosovo, engaged in electricity generation and mining activities, including lignite extraction.

The company operates the Kosovo A and Kosovo B thermal power plants, which represent important generation capacities for the country’s electricity supply.

Its activities include exploiting lignite reserves, maintaining electricity generation facilities and undertaking investments to modernise generation units.

KEK plays a key role in Kosovo’s energy sector and electricity supply security. Its headquarters are located in Pristina.

According to preliminary data, the company generated revenue of approximately €200 million in 2025.

10. Albapetrol Group sh.p.k.

Ranking tenth is Albapetrol Group sh.p.k., a domestically owned company operating in the petroleum products sector, primarily through the wholesale and retail sale of fuel.

According to its official website, the company operates filling stations and fuel storage facilities serving wholesale customers. It also owns vehicles used to import and distribute petroleum products and supplies other companies operating in the fuel market.

In addition to petroleum trading, its registered activities include freight transportation, warehousing and various other commercial and construction activities.

The company generated revenue of €166.2 million in 2025, representing year-on-year growth of 27%. Pre-tax profit stood at €812,000, compared with €885,000 in the previous year.

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*Sefer Zogaj is an economic journalist from Kosovo who covers macroeconomic issues and social justice.