Economy recovering faster than predicted, says Bank of Albania

Tirana Times
By Tirana Times May 14, 2021 14:47

Economy recovering faster than predicted, says Bank of Albania

The Albanian economy is recovering faster than predicted. This was emphasized by the Bank of Albania in its latest report on the monetary situation in the country. ‘’Economic recovery in Albania is continuing with a high rhythm, better than the previous predictions, showing in this way a higher resistance…and a better reaction towards stimulus measures’’, was written in the report.

Nevertheless, according to the Bank of Albania, complete economic normalization will be possible only with the end of the covid-19 pandemics, because the dangers for consumption and investments still remain.

According to the Bank of Albania, the recovery will be based upon consumption, investment and exports. In the first three months of 2021 exports have experienced a considerable growth. According to INSTAT, in the first three months exports were up by 22% compared with the same period last year. At the same time, imports increased by 17%, showing signs that the economy is moving. Only in March this year, there was a 30% increase in exports compared with the average of 2018-2020, which shows that the economy is performing better than the best of those years.

Another important sign of recovery is the volume of goods transported by sea, air and railway. In March this year the numbers were up by 14.5% for sea transport, 12% for rail transport and 0.1% for air transport, compared with the average of 2018-2020.

According to the Bank of Albania, inflation will continue to be low, in the range of 1.5%, much lower than the 3% predicted by the Bank. In April inflation reached 1.9%, with a strong growth in the category of foodstuffs and non-alcoholic beverages, which shows the growth of consumption.

A strong boost to the economic recovery in the next months is expected also from tourism. Albania will be open to foreign tourists, in accordance with all the measures against Covid-19.  Already have started the first charters from Ukraine and Belarus.

Tirana Times
By Tirana Times May 14, 2021 14:47