Positive signals from the Albanian economy - BoA: Consumers and businesses expect improvement in finances and activity
Consumers, businesses in industry, construction and the services sector have shown high confidence in the economy during May. According to the latest survey by the Bank of Albania, confidence in the economy increased by 1.1 points during the past month, with only businesses involved in trade showing low expectations for the improvement of the current situation and the economy in the future.
Despite declining orders, industrial businesses reported increased production this month and did not expect prices to change in the future. This has contributed to the shift in confidence in the economy about 8.3 percentage points above the historical average.
The same applies to the construction sector. Data from the Bank of Albania show that current construction activity has improved, although orders are not as numerous as before. The increase in construction activity has led this sector to be more optimistic about the economy, while they expect lower prices.
Trade was the only pessimistic sector in May. The trade confidence indicator fell by 3.3 percentage points, affected by both less optimistic assessments of businesses about the current sales performance and declining expectations for employment. Meanwhile, expectations for future prices also registered a significant decrease, after the upward trend of the previous two months.
One of the most important sectors of the Albanian economy is services, supported by tourism. The confidence indicator in services increased by 3.4 percentage points, as a result of high demand for services and the current performance of business activity.
On the other hand, consumers are very positive about the future. They expect a better personal financial situation, an improvement in the economic situation in the future, and more purchases.
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